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Foreclosure Prevention

Article Courtesy of

http://www.995hope.org

What is foreclosure?

Foreclosure is a legal action used by a mortgage company to recover any money from a customer when the customer does not pay his or her debt in accordance with the mortgage agreement. In other words, it's the legal remedy used by a mortgage company to assume ownership of a property when the required loan payments are not made. Foreclosure obliterates otherwise good credit.

How does foreclosure happen?

Although the actual process varies from state to state, foreclosure revolves around a homeowner's inability to keep up with monthly mortgage payments. The farther behind the homeowner gets, the closer to foreclosure the homeowner becomes.

Is anyone exempt from foreclosure?

No. Everyone with a mortgage is subject to foreclosure, should non-payment become an issue.

Common Myths About Foreclosure A list of common myths about foreclosure and the truths.	Avoiding Foreclosure A simple twist of fate can leave you facing a homeowner's worst nightmare: foreclosure.	Tips to Avoid Foreclosure Hundreds of thousands of families behind on their mortgage could avoid foreclosure by acting quickly and reaching out to their lender or a reputable nonprofit. Here are some tips to keep in mind.	Foreclosure Prevention Every three months, approximately 167,000 new families enter into foreclosure in the United States.
About Foreclosure Scams You see the DayGlo signs everywhere these days: We buy houses! Cash for your home! Fast refi now!	About Foreclosure Scams (Pg. 2) "Rescuers" often place ownership of the property into a trust in the owner's name in order to avoid the "due-on-sale" clause in most mortgage contracts.	Consumer Alert - Foreclosure Scams Don't get "locked out" of your home by a bankruptcy scam operator.	Foreclosure Resources If you are having difficulty making your mortgage payment, one of the most important things you can do is seek assistance.

Having trouble paying your mortgage? Help is just a phone call away.

www.995hope.org

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