Steps to Avoid Foreclosure

Foreclosure is something that can happen to anybody in any financial income bracket. It does not discriminate nor is it forgiving. It is not something that you should hide from in hopes that it will go away… it won’t. Foreclosure can be avoided but you must act and act boldly. Time is not on your side.

Most of us live paycheck-to-paycheck knowing that one catastrophic event could turn us upside down and put us into foreclosure. What do you do??? What can you do??? What will it do to my credit??? What will my friends think??? The first thing to do is relax… working with Homeowner Resources will provide you a quick and 'painless' process for stopping foreclosure.

Foreclosure is the means in which a Lending institution can repossess your home when payments are not made. The mortgage company legally can begin foreclosure proceedings once you have missed your payment by one day. They typically do not begin the official foreclosure proceedings until you are 3-4 months past due. They will threaten you with foreclosure but it is not until they actually hire an attorney and file the foreclosure paperwork in the court system that you are officially in foreclosure. The entire process can take at little as 21 days.

Once you are 30 days past due on your payments the mortgage company usually will not accept the past due payment without the one that is currently due. An example is; if your typical payment is $1000/mo. and you are 45 days past due, they will want you to pay the $1000 payment that is past due along with the $1000 payment currently due… or $2000. They usually will not accept anything less and will send back partial payments. In other words after you get behind it starts snowballing and it is very hard to get caught up. If you are many months past due you can see how the task of getting caught up can be overwhelming.

Please understand that it is in the best interest of the lender to get you back making regular payments because that is how they make their money. They usually will try and work something out and get you making payments again. In most instances the workout they propose is something that you either can’t afford or it will put you right back in this same position within a short time.

This is when Homeowner Resources can help you. We know the system and how the mortgage companies operate. We will work with you to develop a program that fits your circumstance to stop your foreclosure and get you back on track. We can help you decide which one best fits your financial position and we will go to them with that plan for approval.

If you would like to discuss how to stop your foreclosure, please contact us at or call us at 360.850.1123. We are happy to to discuss your situation in depth and help you resolve your mortgage issues.