Save Me From a Foreclosure

As a homeowner, where should you go and what should you do when the prospect of a foreclosure rears its ugly head? Because the foreclosure process is so complex, knowledge of its many regulations is crucial. Turning to an expert in real estate law who can guide you through the requirements is certainly one option. A lawyer can negotiate with the mortgage company on your behalf and end up with a workable solution that satisfies both sides.

A relatively easy fix would be for him to request an extension of 10 years on your current mortgage. This would mean that as a homeowner, you would be paying less money on a monthly basis because you would be spreading the payment out over an additional 120 months.

If you feel that you are financially unable to hire a lawyer, there are many community agencies to whom you can turn for assistance. One in particular, Consumer Credit Counseling of America, has been around for nearly two decades and has helped thousands of people with their financial situations. In addition to CCCA, you should make a point of learning all you can about what is involved in a foreclosure. You can do this easily by accessing the Housing and Urban Development site and clicking on "Homes," then "Avoid Foreclosures." There, you can access a wealth of information including who to call when your lender won't cooperate.

However, a word of caution about the myriad of foreclosure assistance organizations that have sprung up over the past couple of years, is to be wary of those that require you to plunk down thousands of dollars in up-front fees. Again, this takes research and usually some respected professional advice.