Tips for Avoiding Foreclosure

1. Don't ignore the problem.
   
   The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house.
   
   
2. Contact your lender as soon as you realize that you have a problem.
   
   Lenders do not want your house. They have options to help borrowers through difficult financial times.  
   
   
3. Open and respond to all mail from your lender.
   
   The first notices you receive will offer good information about foreclosure prevention options that can help you weather financial problems.  Later mail may include important notice of pending legal action.  Your failure to open the mail will not be an excuse in foreclosure court.
   
   
4. Know your mortgage rights.
   
   Find your loan documents and read them so you know what your lender may do if you can't make your payments.  Learn about the foreclosure laws and timeframes in your state (as every state is different) by contacting the State Government Housing Office.
   
   
5. Prioritize your spending.
   
   After healthcare, keeping your house should be your first priority.  Review your finances and see where you can cut spending in order to make your mortgage payment.  Look for optional expenses-cable TV, memberships, entertainment-that you can eliminate. Delay payments on credit cards and other "unsecured" debt until you have paid your mortgage.
   
   Request a Free Ohio Home Foreclosure or Toledo Area Home Short Sale Consultation