Foreclosure Prevention

Here is the promised debrief from the Foreclosure Prevention conference I attended last week.

Probably the primary point of emphasis throughout the meeting was the statistic that over 50% of homeowners who are foreclosed on NEVER contact their lender.

"Lenders WANT to hear from people who are behind on their mortgages." (Wells Fargo VP for Residential Loans)

There are now many help sources for people looking at foreclosure. There is a national hotline at 888-995-HOPE and an Arizona Foreclosure Help Line at 877-448-1211. These are staffed with financial counselors who can help you sort through the problems and find SOLUTIONS that will increase your chances of staying in your home.

If you meet with a Housing Counselor, here is what you should bring:

1) Recent mortgage statement.
2) All your mortgage documents.
3) Bring all mail received from your lender (opened or not).
4) Draft a Hardship Letter detailing why you are having trouble making your payment.
5) List out all your monthly expenses.
6) Gather all the pay stubs for all household earners for the last two pay periods.
7) The last two months of your bank statements.

There is an excellent free Crisis Budget Workshop offered in the Phoenix area that will help couples get a firm hold on their finances. Banks will be much more willing to work something out if they see you are making a serious effort at budgeting your money. You can call 602-258-1659 or click here to see their website.

Regardless of your payment situation, a call to your lender is worth your time.

So, get help if you need it. There is plenty of that available.

If you are in foreclosure, free or low cost legal services in Maricopa County are available through Community Legal Services. They can be reached at 602-258-3434 or 1-800-852-9075.

If you are considering selling your home as a solution, go to my website for a free market analysis and other information.

I am just a phone call away if you have any questions. 602-370-1450

Richard