Steps to avoid foreclosure

Foreclosure is a scary prospect for homeowners in Georgia. That’s why it’s important to know which steps to take prevent your home being taken by the lender to make up for missed mortgage payments. USA.gov explains how you can avoid foreclosure, as well as how to identify any potential scams.

Talk With Your Lender

While it may be a difficult conversation, if you feel like you’re unable to keep up on mortgage payments you should let your lender know right away. You may be able to arrange a payment plan to help you through a rough patch or take other steps to find a solution. Whatever happens, don’t just stop paying bills when difficulty arises (which will make it that much harder to work out a compromise).

Look for Help

Foreclosure programs will provide advice and resources should you run into financial trouble. The Making Home Affordable program is just one source of assistance and there may also be state and local programs available in your area that can offer assistance. These entities can help you retain your home when possible, but they can also assist you in getting out of your mortgage with as little damage as possible.

Know the Common Scams

When you run into trouble you also face the risk of being taken in by a mortgage scam. Knowing the common signs of a scam is crucial in this case, many of which utilize the same techniques. Foreclosure scams typically offer homeowners assistance for a fee, and often make outlandish promises that they’re unable to keep. Offers typically include a mortgage loan audit, assistance with filing for bankruptcy, or even pressuring you to sign documents that may not have your best interests in mind.

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