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Homeowner resources for the prevention of foreclosure

Frequently asked questions on foreclosure.

What you can expect your lender to ask of you in preventing a foreclosure from occurring.

What caused you to fall behind in your payments?

Be prepared to explain your situation and what led to your problems. Make sure you are as truthful and accurate as possible.

What are your current assets, liabilities and resources?

The lender will want to know about your current monthly income, including all sources such as wages, disability, retirement or welfare benefits; your liquid assets and investments, as well as personal assets.

What other expenses and debts do you have?

Try to provide you lender with a list of your expenses for the bare essentials and any other monthly financial obligations. Try to be realistic in your thinking. Include expenses for food, utilities, loan or credit payments, insurance, child support and/or alimony.

How are you going to prevent this foreclosure from occurring ?

Your lender will want to know how you could manage your problem now. Provide a plan for solving the problem in the long run. Your presentation and outlook will go a long way in how far the lender will go to help you. Tell your lender about your problem right away. There may be other ways to obtain a temporary loan or financial assistance. Even with out these alternatives, you can still pursue the sale of your home, preventing foreclosure proceedings and the ruination of your credit record for years. Explore any and all possibilities.



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