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Tips in facing Foreclosure

April 28th, 2009 7:52 AM by Sam Kader

  • Talk to your lender upon detecting the problem.
  • Open your mail. Lenders are required to provide legal notification of foreclosure.
  • Prepare a household budget and prioritize your spending.
  • Attend a mortgage intervention seminar to understand your options.
  • Avoid foreclosure-rescue schemes. You do not need to pay to get help preventing foreclosure.
  • If you need to sell your house for less that you owe the bank, work with an experienced real-estate agent and be prepared to wait. These sales, known as short sales require proper documentation and often take at least three months to be approved.
  • Check for free foreclosure counseling at www.homeownership.wa.gov.

 

Posted in:General
Posted by Sam Kader on April 28th, 2009 7:52 AM

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