What is the number one reason why are homeowners still ending up in foreclosure? The number one reason would be is that they don’t answer their phones or have disconnected their number! There are numerous options available to you to avoid foreclosure. If you are behind on your mortgage payments, you can be sure your mortgage company is trying to get in contact with you to resolve the situation. Don’t set yourself up for foreclosure! Know your options, make a decision and follow through. The worst thing you can do is not answer that call.
So what options are out there? Do you want to keep the home or not? Are you financially able to keep the home? Are there options other than foreclosure available to you if you decide to not keep the home? Here are some questions you will want to ask yourself and should have ready answers for before you get in touch with your mortgage company…and if you’re not sure if you are financially able to keep the home they will walk you through taking a financial statement (income versus household expenses, credit/debt obligations, liquid assets, personal debt) to be able to do so. See what is in a financial statement.
