AVOIDING FORECLOSURE
Always make your mortgage payments on time. If you can’t, call your loan servicer immediately. (Your loan servicer is the company to whom you currently send your loan payment, not the company/lender who first opened your mortgage.) Even the most reliable borrowers sometimes fail to meet every payment on its due date. An unexpected crisis (long illness, job loss etc.) can negatively impact your ability to pay. Don’t be intimidated or embarrassed to call your loan servicer. They want to help you avoid foreclosure and can only do so if you contact them.
Note: Avoid companies that charge you a high fee upfront and claim they can help you avoid foreclosure. These could be scams!
Steps to avoid foreclosure
Here are some immediate steps you can take to help save your home and avoid foreclosure. Consult your tax advisor before you make any decisions. There could be tax costs or benefits that come with any of these ideas.
The information contained herein is being provided as-is and without representation or warranty. The enclosed information is not intended as legal, tax or financial planning advice. Any discussion of tax or accounting matters herein (including any attachments) should not and may not be relied on by any recipient or reader. The recipient/reader should consult their tax adviser, legal consultant and/or accountant for a statement of tax and accounting rules applicable to their particular situation and for all other tax and accounting advice.