Tucson Foreclosures
Foreclosure Prevention
Have you missed a house payment or are afraid you might?
People may face foreclosure for many reasons. Extreme changes in life situations such as death, divorce or illness or because they must immediately relocate. Foreclosure can occur when payments become three to four or more months late, depending on the mortgage terms.
The most important thing if you are falling behind on your mortgage payments and trying to prevent Foreclosure is DON'T IGNORE THE PROBLEM. Homeowners who currently have, or expect to have, difficulty making their payments should contact their lender as soon as they realize they have a problem. Make sure you open and respond to all correspondence from your lender. Read your loan documents so that you know your mortgage rights and understand foreclosure prevention options. At the same time you can prioritize your spending and evaluate your assets to demonstrate to your lender that you are willing to make sacrifices to keep your home.
Below are a few options to prevent Foreclosure:
• Short Sale
• Deed in Lieu of Foreclosure
• Loan Modification
• Appraisals and Market Value
• Foreclosure
Helpful Links
• www.makinghomesaffordable.gov
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