News
First: Don't ignore the problem.
The further behind you become, the harder it will be to catch up on back payments and reinstate your loan. This increases the odds that you will lose your house.
Second: Contact your lender as soon as you realize that you have a problem.
Lenders do not want your house. They are in the business of lending money. They have options to help you through difficult financial times.
Third: Don't ignore your lender. Open and respond to all mail from your lender and attorneys.
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.
Fourth: 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 Colorado.
Fifth: Contact an agency to help you.
There are HUD-approved housing counseling agencies are available to provide you with the information and assistance you need to help you avoid foreclosure.
If you need help understanding the Making Home Affordable programs, you can find a counseling agency that will provide you with free foreclosure prevention services. If you are eligible for the loan modification or refinance program, the counselor will work with you to compile an intake package for your lender.
Foreclosure prevention counseling services are provided free of charge by nonprofit housing counseling agencies working in partnership with the Federal Government. These agencies are funded, in part, by HUD and NeighborWorks® America. Contact them first. Why pay a private company for these free services. Here are a few you can contact.
Sixth: If you can no longer afford your home and have equity then consider selling and getting into something you can afford. If you owe more than the home is worth you might want to consider selling under a “short sale” option where the lender will consider taking less than what is owed to liquidate the property.
Cynthia Goda can be reached
at (970) 468-0404 or at
REO@cynthiagoda.com
The further behind you become, the harder it will be to catch up on back payments and reinstate your loan. This increases the odds that you will lose your house.
Second: Contact your lender as soon as you realize that you have a problem.
Lenders do not want your house. They are in the business of lending money. They have options to help you through difficult financial times.
Third: Don't ignore your lender. Open and respond to all mail from your lender and attorneys.
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.
Fourth: 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 Colorado.
Fifth: Contact an agency to help you.
There are HUD-approved housing counseling agencies are available to provide you with the information and assistance you need to help you avoid foreclosure.
If you need help understanding the Making Home Affordable programs, you can find a counseling agency that will provide you with free foreclosure prevention services. If you are eligible for the loan modification or refinance program, the counselor will work with you to compile an intake package for your lender.
Foreclosure prevention counseling services are provided free of charge by nonprofit housing counseling agencies working in partnership with the Federal Government. These agencies are funded, in part, by HUD and NeighborWorks® America. Contact them first. Why pay a private company for these free services. Here are a few you can contact.
Sixth: If you can no longer afford your home and have equity then consider selling and getting into something you can afford. If you owe more than the home is worth you might want to consider selling under a “short sale” option where the lender will consider taking less than what is owed to liquidate the property.
Cynthia Goda can be reached
at (970) 468-0404 or at
REO@cynthiagoda.com
