How to avoid a foreclosure when your lender is not cooperating with you

If a lender feels your financial hardships are not genuine, he may refuse to renegotiate the mortgage terms. This can make matters more difficult for you.  As it is easy for lenders to recover money by foreclosing your property, they would prefer hauling you to the court than re-working the mortgage terms. If you face such a situation, you can seek foreclosure help from other quarters. These include:

Talk to a HUD approved housing counselor.

A HUD-approved housing counselor can help you find out if you are eligible for housing programs. Call up your city hotline to avail the services of a free HUD-approved housing counselor. The counselors are available 24x7. You can visit HUD websites to know more about the programs or get the numbers of local counselors. If you fall under the coverage of a housing program, it would become easy to avoid foreclosure. However, make sure that you talk to a certified HUD counselor. There are many people who masquerade as HUD-approved housing counselor. Such people are out to fish in troubled waters. 

Seek state help facilities 

The government has come out with many foreclosure help programs. You need to find out whether you qualify for these or not. The government has also started a legal cell for low-income homeowners in danger of foreclosure. You can avail free legal advice and get the foreclosure proceedings stopped.

If your lender is unwilling to cooperate, taking recourse to these ways can help you fight off a foreclosure.

How to Avoid Foreclosure - Things to do

Now that you have bought a house with mortgage loan, make sure you don’t fall behind in your payments. If you do, your lender might initiate foreclosure proceeding against you. This means the lender would drag you to the court. Once proven, the court may order that your home be sold to recover the mortgage or be handed over to the lender. If due to some unforeseen circumstances, you are unable to make your payments, you need to know what do to avoid losing your home through foreclosure.

Things to do to Avoid Foreclosure

Talk to your lender right away. Do not ignore the problem.

In order to stave off foreclosure process, it is very important to talk to your lender. Get in touch with the lender once you realize you may have difficulty in making payments. Your lender may modify your mortgage plans to meet your urgent needs. 

Having a smooth relationship with the lender can help you clear-off your loan easily. Where most defaulters go wrong is in avoiding their lenders. As lenders are keen to recover their money, they would work along with you to help you facilitate payments. However, your problem has to be genuine. If you do not have the right intent, something which vendors can sniff out from a distance, they will not cooperate with you.

What if the lender does not want to buy your request? 

In case the lender does not cooperate with you, you may have to face foreclosure process. Call up the Mortgage Foreclosure Assistance Hotline and talk to them about your predicament. The Foreclosure Assistance Hotline can provide you with the right guidance. They will also send you written materials for reference. 

If you face foreclosure proceedings leave no stones unturned to nip it in the bud.