Maintaining homeownership is challenging. It can be financially straining to keep up with monthly mortgage payments, especially with the rising costs of homeowners insurance and property taxes. Plus, unexpected expenses, like repairing a broken AC unit, can put you behind on your monthly payments.
Despite financial hardships, foreclosure is preventable. Here are a few tips to avoiding and preventing foreclosure:
Emergency fund: Opening an emergency fund account to only use for emergencies can provide financial relief when an emergency arises.
Communicate with your lender: As soon as you find it difficult to make your monthly mortgage payments, contact your lender or mortgage servicer right away.
Consult with a HUD housing counselor: Gain support by meeting with a HUD-certified counselor who can guide you through available loss mitigation options. Schedule an appointment today with one of our certified housing counselors to explore your options.
Avoid predatory lending scams: When seeking assistance, avoid sharing confidential information or signing any documents without consulting an attorney, real estate professional or HUD-approved housing counselor.
Habitat U classes: Attend a Habitat U Financial literacy and foreclosure prevention class to learn tips and tools to avoid foreclosure and getting your finances in order.
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