| Afraid of the Foreclosure Monster? Don’t Stick Your Head In The Sand. . . | January 11th, 2008 |
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It helps to remember that the bank isn’t thrilled about the prospect of taking back your home. The foreclosure process is expensive and selling your home (especially for a bank) is a big hassle that they would just as soon avoid. Often your lender will work with you to see if they can forego payments for awhile or restructure your loan. Following are a handful of links to help you figure out the best way to handle the prospect of a foreclosure on your home: 1. How to Avoid Disclosure by the U.S. Department of Housing and Urban Development (“HUD”). I found this PDF enormously helpful and easy to understand. It breaks it all down in a way that is simple and non-threatening. 2. List of Approved Credit Counseling Agencies by the U.S. Department of Justice.When you’re in a financial bind, all kinds of con artists can crawl out of the woodwork, offering guarantees to stop the foreclosure process. This list tells you which counseling agencies are legit. 3. You Can Avoid Foreclosure and Keep Your Home by the FHA. If you think your financial squeeze is temporary, this one is worth a look. 4. Questions and Answers on Home Foreclosure and Debt Cancellation by the Internal Revenue Service. Canceled debt can be taxable. This article will tell you when and why. 5. Neighborhood Networks Center for Foreclosure Solutions as presented on the Federal Reserve Board. Neighborhood Networks is rallying people across the country to learn how to help others avoid foreclosure. This hopeful site describes training and outreach efforts to people who should learn what all their options are when they face foreclosure. |
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San Francisco has a low foreclosure rate, but there are pocket neighborhoods in the Southern neighborhoods where owners are in over their heads with high payments on mortgages larger than what their property is worth. When they get behind on loan payments, it can be scary, especially when the bank starts calling you to see what’s going on. It’s tempting to not pick up the phone or decide not to call them back.