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Tips to avoid foreclosure of your home

On the emotional side, a home is the place where you and your family live. On the practical side, a home is a financial stronghold, an asset that will likely appreciate in value as the years go on. If you have been struggling to make mortgage payments, there are some tips to avoid foreclosure, according to the federal government's Making Home Affordable program.

Times can get difficult financially, and this can make paying a mortgage a huge struggle. If you are behind on your mortgage payments, it is important not to ignore the problem. Ignoring it won't make it go away and a person could miss opportunities to remedy the situation. Contact a HUD-approved housing counseling agency who understands the law and can represent the borrower in any future negotiations. Also, be sure to open and respond to any communication made by your mortgage company, including mail, email or phone calls that pertain to the tardy mortgage payment.

While this is not always a pleasant experience, ignoring the communications could make a problem much worse. By communicating with a mortgage company, it shows that you are aware of the situation and there is a desire to fix it. It is recommended that a person prioritize their spending if they are having a hard time making their mortgage payment. Any excess money in the budget could be allocated to making the payments. Also, consider all options, including foreclosure & alternatives to ensure that the best decision for your family is reached.

A sudden event like job loss, injury or illness, or other catastrophic events, can change a person's financial situation really quickly. These incidences are often what lead to being behind on mortgage payments. Also, debt can creep up and make everyday expenses, like a mortgage, much more difficult to pay. Whatever the situation, a home is an asset most would rather hold on to in tough financial times.

Source: makinghomeaffordable.gov, "Tips to Avoid Foreclosure," Accessed July 10, 2017

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