Foreclosure Prevention
Get help to avoid foreclosure and keep your home with our HUD-certified counseling services.
How Foreclosure Prevention Counseling Can Help
If you're struggling to make your mortgage payments or facing foreclosure, our HUD-certified housing counselors can help you understand your options and create a plan to keep your home. Our foreclosure prevention counseling is free, confidential, and designed to help homeowners in financial distress.
Options to Avoid Foreclosure
Loan Modification
A loan modification changes the terms of your mortgage to make payments more affordable. This could include extending the loan term, reducing the interest rate, or changing from an adjustable to a fixed-rate mortgage.
Forbearance
A forbearance temporarily suspends or reduces your mortgage payments for a specific period. This option is helpful if you're experiencing a temporary financial hardship, such as job loss or medical issues.
Repayment Plan
If you've fallen behind on payments but can now afford your regular monthly payment, a repayment plan allows you to catch up by spreading the missed payments over a period of time.
Short Sale
If keeping your home is not feasible, a short sale allows you to sell your home for less than what you owe on the mortgage. This can be less damaging to your credit than a foreclosure.
Deed in Lieu of Foreclosure
This option allows you to transfer the ownership of your property to the lender to satisfy the mortgage debt and avoid foreclosure.
The Foreclosure Process
Understanding the foreclosure process can help you take action at the right time. While the process varies by state, here's a general timeline:
- Missed payments: After missing 1-3 payments, you'll receive notices from your lender.
- Default notice: After 3-6 months of missed payments, you'll receive a formal notice of default.
- Foreclosure filing: The lender files a foreclosure lawsuit or proceeds with a non-judicial foreclosure.
- Foreclosure sale: Your home is sold at auction to the highest bidder.
- Eviction: If you haven't vacated the property, the new owner may begin eviction proceedings.
The earlier you seek help, the more options you'll have.
Don't wait until you've missed multiple payments to reach out for assistance. Our counselors can help you explore options even if you're just beginning to struggle with your mortgage.
How Our Counselors Can Help
- Assess your current financial situation and housing needs
- Explain the foreclosure process and timeline in your state
- Review your mortgage documents and help you understand your options
- Communicate with your mortgage servicer on your behalf
- Help you apply for loan modifications or other assistance programs
- Develop a budget and action plan to help you stay in your home
- Provide referrals to other resources and assistance programs
Warning Signs of Foreclosure
- Difficulty making mortgage payments
- Receiving default notices from your lender
- Using credit cards to pay for basic necessities
- Receiving collection calls from creditors
- Unexpected expenses or loss of income
What to Expect During Your Session:
Our counselors will review your financial situation, explain your options, and help you develop a plan to avoid foreclosure. Be prepared to discuss your income, expenses, and mortgage details.
Did You Know?
Homeowners who work with HUD-approved housing counselors are more likely to avoid foreclosure and stay in their homes than those who don't seek help.
Don't Wait Until It's Too Late
The sooner you reach out for help, the more options you'll have to save your home. Our HUD-certified counselors are ready to help you navigate this challenging time.
Get Help Now