How To Avoid Foreclosure With Volunteer Credit Counseling

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How To Avoid Foreclosure By Using Credit Counseling Services

If you are about to become past due on your home mortgage and are simply planning ignoring warning letters from your lender you will be following the wrong course.
Instead you should contact your mortgage company's hotline for customers delinquent on their loans. Most major companies have special numbers set up and staff that specialize in helping negotiate a solution.
The lenders now own much more real estate than they can resell so it is in their best interest to keep you in your home.

Many lenders will allow you to apply for new fixed rate, low interest financing if you have a subprime mortgage and have remained current. This is part of the government plan to help keep homeowners in their homes.
One tool that they may employ to help you is called forbearance. This has been used in the past for victims of hurricane disasters, etc, to suspend loan payments and interest for a specified period of time until the borrower can get on his feet.

Consider A Repayment Plan

Another tool is a repayment plan whereby you pay back your past due balance over the next few months until you are caught up.
These are just some of the tools that banks may be able to use to help you catch up.

There are others that you can do on your own to get your financial house on order so that you can have enough to repay your loan.
If you are just a couple hundred short of having enough you might consider taking on a roommate to make up the difference. Start selling recreational toys like RV's, boats, jet skis, etc if you are even in the slightest danger of getting behind on your loan. Your home should come first.

Cut back on your utility bills by raising (summer) or lowering your thermostat, using a programmable thermostat.
Set up a budget for entertainment, etc and try to stick to it with the goal of saving enough for the amount you need to make your mortgage payment. Change your shopping habits and buy at discount stores.

Volunteer Credit Counseling Organizations

If you have a large amount of credit card debt that is preventing you from being able to make your mortgage payment consider a consolidation loan or negotiating with credit card companies through an agency such as Consumer Credit Counseling. There are volunteer credit counseling organizations that help homeowners avoid foreclosure. Volunteer credit counseling agencies do not charge any fees and can often negotiate a better deal for customers since they are not affiliated with creditors, as some consumer credit counseling agencies are.

Search your local yellow pages for volunteer credit counseling organizations. Often these are sponsored by local churches and nonprofit agencies.
It is possible to avoid foreclosure in most cases but you have to start early, before you get behind.

Cheers.

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