Stay Safe When Seeking To Stop Foreclosure Proceedings
FORECLOSURE. The word strikes more terror in the average American than "colon cancer" or "global thermal nuclear war." The threat of loosing your home strikes you in all kinds of ways - financially, emotionally, professionally and mentally. This leaves you feeling vulnerable and desperate. This desperation seems to be somehow scented over the miles like sharks homing in on fresh blood. You can stop foreclosure proceedings on your home - but you also need to keep control.
"We Can Do It All For You!"
Steer clear of any firm or agency that claims it can stop all foreclosure proceedings against you and have it not affect your credit record for a big fee. They often just take the fee and run. It is legally impossible to change or remove anything from your credit record. It is also illegal to make a "duplicate credit record", as some of these companies claim.
You don't need to pay a big fee in order to stop foreclosure proceedings. The government (which does a large percentage of foreclosures) really doesn't want your home. Taking it from you and reselling it is too much of a hassle for them. Also, troubles with foreclosures affect the national housing market, which affects the government. That is why they have set up free or low cost help for you as a homeowner to stop foreclosure proceedings.
Pro Bono Counseling
You will need to look for Housing and Urban Development (HUD) approved counselors, who work for you for low cost or what's called "pro bono". Sadly, this does not mean that these agencies are big U2 fans. Pro bono, in this case, means "at no cost" (which is still good news for U2 fans!) HUD pays the agencies so you don't have to. You can go to the agencies before going to your lender.
You can find HUD approved counselors at HUD's web site, or by calling 1-800-569-4287. They will need a list of your bills, your income (or lack thereof) and your monthly expenses. Be honest with them and they can help you stop the foreclosure proceedings. They can help you manage what money you have and can often help negotiate payments with your lender.
Know Your Rights
Another way the HUD counselors will help you is that they can help clarify your rights. If you are disabled, laid off, been a victim or natural disaster or are in the military, stopping foreclosure proceedings can happen as a result of grants or laws pertaining to you. You need to know what you are eligible for.
