Tips in Avoiding Foreclosure

If you are facing problems making your mortgage payments there are options available to you. To help avoid losing your home to foreclosure the following highlight some important steps that you should take.

1) Call your mortgage company right away to talk about your situation.
- It's important to act quickly because if you fall further behind in your payment,
there are fewer options to avoid foreclosure.

2) Understand your options.
- Repayment Plan: If you have missed some monthly payments, you may be able
to catch up by creating a schedule for repaying the past-due amount.

- Advance (Home Saver Advance): If your mortgage company tells you that your
loan is owned by Fannie Mae, you may be eligible for an unsecured personal loan
to help you catch up on mortgage payments.

- Modification: In some cases, mortgage loan terms can be changed on a temporary
or permanent basis to make the payment more affordable.

If you are unable to achieve or negotiate the above scenario's it may be wise to consider selling your home or perhaps the following two alternatives.

1) Short-Sale: If you cannot sell your home for the amount that will pay off the loan, talk to your mortgage company about a short sale. Depending on your situation the mortgage company may be willing to accept a payoff amount less that you owe.

2) Deed-in-Lieu: If you cannot sell your home in a reasonable period of time, your mortgage company may be willing to accept a deed where you voluntarily transfer the property to the mortgage company.

The following are some foreclosure prevention resources:

- Home Loan Learning Center
- Home Preservation Foundation
- HopeNOW
- National Foundation for Credit Counseling
- NeighborWorks America
- HUD - Tips for avoiding foreclosure
- Consumer Concerns for Older Americans

Brought to you by Professional Mortgage Group, Inc.
Your Columbia Missouri Mortgage Broker