10 Steps to Saving Your House
1. ACT QUICKLY
- Seek legal advice as promptly as possible. The quicker you act, the greater your chances for success. But it's never too late to get professional help.
2. DON'T RELY ON THE BANK TO SAVE YOUR HOUSE
- Banks and mortgage companies typically don't have the resources or incentives to properly help you keep your home.
3. SEEK PROFESSIONAL HELP
- Enlist only the help of people you trust who are experienced professionals. Never rely on companies that can't provide solid local references, or meet with you in person.
4. DETERMINE A TIMELINE
- Make sure you are aware of deadlines. The foreclosure process can take as little as three months. Act quickly, with the help of a professional, to set specific goals and specific timelines.
5. PRIORITIZE YOUR RESOURCES
- Carefully analyze your monthly income and expenses. Take all other debts into account, but no expense should be prioritized over your home.
6. AVOID SCAMS
- Remember that foreclosure is a legal proceeding. Seek only legitimate, experienced professional help. Avoid out-of-state companies and Internet scams.
7. SAVE YOUR MORTGAGE MONEY
- It is essential to save as much of your back-due mortgage payments as possible. This financial "cushion" can be the key to your success.
8. SEEK PROFESSIONAL HELP EARLY
- It is important to seek counsel early in the process from an experienced legal professional who knows your options, defenses and alternatives for stopping the foreclosure and saving your home.
9. DON'T RELY ON A REFINANCE OR MODIFICATION
- Don't count on a modification or forbearance to save your home. Despite what you may be promised, banks rarely resolve or refinance loans for borrowers who are already in trouble. This is especially true in today's economic climate. Have a backup plan developed with a custom review of your budget and your specific circumstances.
10. Government programs
- Unfortunately there are very few, if any, government programs that provide real help to distressed homeowners. Don't wait for someone else to save you. Take action now.