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Home Buyer's Recession Survival Guide - Tips To Avoid Foreclosure

Updated on May 26, 2009

The foreclosure storm has swept up a great number of families in the past few months. Here are some tips to keep from becoming the latest statistic.

Don't let it slide too far. If you find yourself getting into trouble, contact your lender immediately. They may be amenable to temporary partial payments, skipping a couple of payments, or other options. They don't want to foreclose you any more than you want to be foreclosed. Don't ignore the lender's letters and calls. Keep the line of communication open and be honest. Chances are that they will understand. Much better than just ignoring them.

Don't let yourself be intimidated outside of what the law allows. Contact your state's housing office and find out what your rights are as to the law, time periods for foreclosure, and all the other details you need to know. Also check your mortgage documents carefully as much of the information should be contained there.

Call HUD for help. HUD offers housing counseling across the country that is either very low cost or outright free. They can help you understand your position as pertains to the law, get your finances in shape, and even represent you vs. your lender should you need that level of help. HUD can do anything the expensive foreclosure prevention companies can do and then some. And they won't ask for thousands of your dollars to do it.

Take a good look at your spending and assets. If grandma's heirloom diamond pendant can help you avoid foreclosure, then keeping your home beats sentimental value. Check all your assets and see what you can sell off to contribute to the mortgage. Is there a second car, or motorcycle, ATV, snowmobile, lawn tractor, home theater, or anything else of considerable value that you can live without? Do you need 700 channels on your wall-filling plasma TV or can you make do with a tube and rabbit ears for a while? Does the bottle of beer you buy at the corner store for 69 cents really taste any different than the one at the bar where you pay $4? And don't even get me started on the people who have half a dozen $3.50 Starbucks coffees each day.

I knew a guy once who was evicted from his home because he was four months behind on his rent and, of course, it never occurred to him that to get out of his financial troubles and keep a roof over his head he'd be better off selling one of his five prized, immaculately restored 60s muscle cars.

You also would be amazed at how much you could earn by listing all of your clutter and general junk on an online listing site. Keep in mind that unsecured debt has to take a back seat to your mortgage. It is far better to short your credit card payments for a few months if you can plough that money into the mortgage. You might get a derogatory credit report, but at least you'll have somewhere to live.

When someone representing a private company asks you to sign a document that will allow them to stop your foreclosure, throw them out the door. Don't ever sign anything to do with your property without the approval of an attorney or an official HUD counselor. You may be signing your house away to an evil equity stripper!

Read The Entire Survival Guide

Home Buyer's Recession Survival Guide - The Subprime Meltdown
Home Buyer's Recession Survival Guide - The Advantage Of Renting Over Buying
Home Buyer's Recession Survival Guide - Why Rent? Why Not?
Home Buyer's Recession Survival Guide - Five Common Mistakes House Buyers Make
Home Buyer's Recession Survival Guide - Get Your Home Sold Quickly & At Your Asking Price
Home Buyer's Recession Survival Guide - Improve Your Home's Value And Sell It For More!
Home Buyer's Recession Survival Guide - Learn The Value Of Curb Appeal
Home Buyer's Recession Survival Guide - Home Staging: Valid Selling Technique Or Fraud?
Home Buyer's Recession Survival Guide - Before You Go House Shopping
Home Buyer's Recession Survival Guide - The Home Condition Checklist
Home Buyer's Recession Survival Guide - Getting A Mortgage From Different Types Of Lenders
Home Buyer's Recession Survival Guide - What To Do After You're Turned Down
Home Buyer's Recession Survival Guide - New Initiatives To Help Get You Approved
Home Buyer's Recession Survival Guide - Isn't HUD An Old Paul Newman Movie?
Home Buyer's Recession Survival Guide - Jumbo Isn't As Huge As He Once Was
Home Buyer's Recession Survival Guide - FHA Q&A
Home Buyer's Recession Survival Guide - The FHA's Credit Requirements Vs. The Bank's
Home Buyer's Recession Survival Guide - Your Credit Score And Your Mortgage
Home Buyer's Recession Survival Guide - Credit Score Confusion
Home Buyer's Recession Survival Guide - Keeping That Credit Score Nice & High
Home Buyer's Recession Survival Guide - Minimize The Interest Payable
Home Buyer's Recession Survival Guide - What Is PMI & Why Do I Care?
Home Buyer's Recession Survival Guide - The LIBOR-COFI-COSI Alphabet Soup
Home Buyer's Recession Survival Guide - REO: Get Rich Quick Or Just Waste Time?
Home Buyer's Recession Survival Guide - Obtaining Flipping Money
Home Buyer's Recession Survival Guide - Consider The Additional Costs
Home Buyer's Recession Survival Guide - What Is Escrow?
Home Buyer's Recession Survival Guide - Tips To Avoid Foreclosure
Home Buyer's Recession Survival Guide - The Changing Value Of Your Mortgage Dollar
Home Buyer's Recession Survival Guide - How To Ride The Interest Rate Spikes
Home Buyer's Recession Survival Guide - Can't Get A Mortgage? What A PITI!
Home Buyer's Recession Survival Guide - Calculating Your Closing Costs
Home Buyer's Recession Survival Guide - Mortgage Broker or Mortgage Banker?
Home Buyer's Recession Survival Guide - The Magic Of A Down Payment
Home Buyer's Recession Survival Guide - A Refinance Checklist
Home Buyer's Recession Survival Guide - Refinancing With Bad Credit
Home Buyer's Recession Survival Guide - The Self-Employed Mortgage Maze
Home Buyer's Recession Survival Guide - VA Loans
Home Buyer's Recession Survival Guide - Offset & Reverse Mortgages
Home Buyer's Recession Survival Guide - The Reasons To Not Buy An Offshore Retirement House
Home Buyer's Recession Survival Guide - How To Pay Less Than $500 A Month
Home Buyer's Recession Survival Guide - Five Easy And Cheap Tips To Save Big $ On Energy

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