- 1). Contact your lender as soon as possible, once you are behind one or two payments. Never ignore any notice that the lender sends you once you fall behind. Lenders actually appreciate being informed if there is a problem, and being kept up-to-date as to your financial situation. The faster you inform your lender of your situation, the more you improve your chances of not losing your house through foreclosure. Leaving the mail unopened or phones unanswered will only hasten the process.
- 2). Learn all you can about your rights and options under Georgia's foreclosure laws (See Resources below). Consult with an HUD-approved counselor for Atlanta, and review the specific options available for avoiding foreclosure. Find out if you qualify for financial assistance from FHA Secure (See Resources).
- 3). Inquire about a foreclosure workout with your lender. This is simply a financial arrangement that you may be able to come to with your mortgage company, to avoid foreclosure. Keep in mind that it is in both you and your lender's interest to keep you in your home--your mortgage company makes its money from mortgages, not from foreclosures. A foreclosure workout may include: a repayment plan, modification of your mortgage terms or a refinance of your mortgage.
- 4). Beware of bogus “help” for foreclosure. Read all fine print, and double-check with an attorney, a real estate agent or a HUD counselor. You might sign ownership rights over to someone and end up paying rent.
- 5). Change your spending habits. Cancel your cable service, cut down on shopping and sell anything that you can live without. If someone in your family gets a second or part-time job, tell your lender. It may not amount to much money, but it shows the lender that you’re willing to alter your lifestyle to keep your home.
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