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Foreclosure Prevention Program
(Pembroke Pines)
Foreclosure Prevention Program
(Broward County)
Hope for Homeowners Program
(Federal Government)
Foreclosure Information
(Helpful Tips)
To help prevent problems related to foreclosures, it's important for
residents, who are having trouble keeping up with mortgage payments,
take action before it’s too late.
To learn more about how to preserve
your home, attend free seminars offering foreclosure solutions:
Are you having trouble keeping
up with your mortgage payments?
Have you received a notice from your lender asking you to contact
them?
-
Don't ignore the letters from your
lender
-
Contact your lender immediately
-
Contact a HUD-approved Housing
Counseling Agency: Toll FREE: 800.569-4287 TTY: 800.877.8339
If you are unable to make your
mortgage payment
1. Don't ignore
the problem.
The further behind you become, the harder it will be to reinstate your
loan and the more likely that you will lose your house.
2. Contact your
lender as soon as you realize that you have a problem.
Lenders do not want your house. They have options to help borrowers
through difficult financial times.
3. Open and
respond to all mail from your lender.
The first notices you receive will offer good information about
foreclosure prevention options that can help you weather financial
problems. Later mail may include important notice of pending legal
action. Your failure to open the mail will not be an excuse in
foreclosure court.
4. Know your
mortgage rights.
Find your loan documents and read them so you know what your lender may
do if you can't make your payments. Learn about the foreclosure laws and
timeframes in your state (as every state is different) by contacting the
State Government Housing Office.
5.
Understand foreclosure prevention options.
Valuable information about foreclosure prevention (also called loss
mitigation) options can be found on the internet at:
www.hud.gov
6. Contact a
HUD-approved housing counselor.
The U.S. Department of Housing and Urban Development (HUD) funds free or
very low cost housing counseling nationwide. Housing counselors can help
you understand the law and your options, organize your finances and
represent you in negotiations with your lender if you need this
assistance. Find a HUD-approved housing counselor near you or call
800.569.4287 or TTY 800.877.8339.
7. Prioritize your
spending.
After healthcare, keeping your house should be your first priority.
Review your finances and see where you can cut spending in order to make
your mortgage payment. Look for optional expenses-cable TV, memberships,
entertainment-that you can eliminate. Delay payments on credit cards and
other "unsecured" debt until you have paid your mortgage.
8. Use your
assets. Do you
have assets-a second car, jewelry, a whole life insurance policy-that
you can sell for cash to help reinstate your loan? Can anyone in your
household get an extra job to bring in additional income? Even if these
efforts don't significantly increase your available cash or your income,
they demonstrate to your lender that you are willing to make sacrifices
to keep your home.
9. Avoid foreclosure prevention
companies.
You don't need to pay fees for foreclosure prevention help-use that
money to pay the mortgage instead. Many for-profit companies will
contact you promising to negotiate with your lender. While these may be
legitimate businesses, they will charge you a hefty fee (often two or
three month's mortgage payment) for information and services your lender
or a HUD approved housing counselor will provide free if you contact
them.
10. Don't lose
your house to foreclosure recovery scams!
If any firm claims they can stop your foreclosure immediately if you
sign a document appointing them to act on your behalf, you may well be
signing over the title to your property and becoming a renter in your
own home! Never sign a legal document without reading and understanding
all the terms and getting professional advice from an attorney, a
trusted real estate professional, or a HUD approved housing counselor. |
