lender in being able to determine which steps are available to take. For example, if a power of sale clause is involved, then the sale of your home to pay off property taxes or your mortgage will pay back the payments that you’ve missed. If you can work around this and get the money some other way for your property tax payments, then you’ll be able to pay them back without having to put your home up for sale and lose it. Do some additional research into the foreclosure laws that apply to your state, and find out the information needed to answer the following questions: • What is the timeline for the foreclosure? • Are there any deficiency judgments applicable that will hold me personally responsible for the difference between my loan’s outstanding balance or what my home will sell for? • Is right of redemption available to me as a grace period in which I can reverse my foreclosure?
FORECLOSURE AVOIDANCE COUNSELORS
A call to a foreclosure avoidance counselor is going to be one of the most important phone calls you will make during the process of foreclosure. Calling a foreclosure avoidance counselor, one who is fully approved by HUD, will help you to figure out your situation. These counselors will explain the laws of foreclosure in your state, will typically work free of charge, will help you organize your financial documents, may represent you when it comes to negotiations with your lender, and will help you to discuss alternatives for foreclosure.
However, you must check whether they’re approved by HUD
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