Boise Real Estate Home > Boise Foreclosure > Tips to Avoid Foreclosure

Tips to Help Avoid Home Foreclosure

Don't ignore the problem - The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house.
Contact your lender ASAP - Lenders don't want your home. They have options to help borrowers through difficult times.
Open and respond to mail from your lender - The 1st 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.
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 your state by contacting the State Government Housing Office.
Understand foreclosure prevention options - Valuable information about foreclosure prevention options can be found on the internet at HUD.
Contact a HUD approved housing counselor - Housing counselors can help you understand the law and your options, organize your finances, and represent you in negotiations with your lender.
Prioritize your spending - Keeping your home should be one of your first priorities. Review your finances and see where you can cut spending. Delay payments to credit cards and other "unsecured" debt until you have paid your mortgage.
Use your assets - Do you have additional assets you can sell to acquire additional money? Doing so can show your lender that you mean business and are willing to sacrifice to keep your home.
Avoid foreclosure prevention companies - You don't need to pay fees for foreclosure prevention, use that money for your mortgage. HUD provides these services for FREE.
Don't lose your house to foreclosure recovery scams - If any firm claims they can stop your foreclosure immediately if you sign a document appointing them to act on your behalf, you may well be signing over the title to your property and becoming a renter in your own home.