PREVENTING FORECLOSURE

Consumer Credit Counseling Service of South Texas

Catholic Charities Counseling Services

Veterans Administration

HUD Foreclosure Information

State of Texas Foreclosure Information

Mortgage Bankers Association

Fannie Mae - Know Your Options

Emergency Homeowner's Loan Program

During the last few years foreclosure has been in the news.  This section is designed to provide information regarding foreclosure.

What is foreclosure?  Your house is the security for your mortgage loan and when you stop making payments your mortgage lender has the right to take your house and then sell it to repay the loan.

Should you start experiencing financial difficulties there are steps you can take to avoid foreclosure.  Communicate with your lender as soon as you see trouble ahead and let them know you are trying to keep them informed.  Ask your lender if they have any loan workout plans that may get you through the hard time you are currently experiencing.  Lenders have several plans that they can work with you to help you stay in your house.

If you can, get legal help by hiring a real estate attorney to help you through the process.  The attorney will ensure your rights are protected and will guide you through the process.

Of course,  as always the best thing is to have a plan in case unforeseen circumstances occur.  Pay your house payment first; spend your money wisely; and make putting money into your savings account a monthly routine.

To the right are websites you may want to explore to get more information regarding foreclosure or seek counseling assistance if you are already facing foreclosure.

(03-25-11)