Help Me Keep My Home
If you are currently facing a situation which is causing you to miss payments (or fear that you may) and you want to keep your home, there are several ways to be proactive! These tips will help you make it through the process:
Don't procrastinate. If you are unable to pay your mortgage - even for only one month, contact your lender and make them aware of your situation. You should also sit down and determine if this is a long term or temporary situation and review all options available to you. Expect to have more than one phone conversation with your lender. Typically, your lender will mail you a "loan workout" package. This package contains information, forms and instructions. If you want to be considered for assistance, you must complete the forms and return them to your lender quickly. The completed package will be reviewed before the lender talks about a solution with you.
If you would like assistance in doing this, please feel free to contact us to discuss your options.
Prioritize. After determining how you will proceed, prioritize your debts. If you know you plan on staying in your home it is important to make sure you are not spending money that could be used to pay mortgage payments on other less important debts. Recovering from missed or skipped mortgage payments is far more difficult than recovering from missed or skipped credit card payments. Check out HUD's Early Steps to Prevent Foreclosure.
Know your finances. Make sure you know what is coming in and out each month and budget accordingly. Your lender will want to see an itemized list of all of your current income and expenses when they discuss your loan with you. A budget worksheet will help you and your lender decide if keeping your home is an option.
Know your rights and options. If you have questions about the short sale process or your options feel free to use our website as a resource or contact us, along with a trusted tax professional and/or attorney to discuss any questions or issues you may have. Recent legislation may help including the HOPE plan and Homeowner Affordability and Stability Plan initiated by President Obama.
Do your research. Ask your lender the right questions, and learn about the foreclosure process in Utah. Your lender is actually a great source of information. 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.
