Lately, you struggle to keep up with payments on your home in Maryland. Life threw several financial curve balls at you recently, and you fear your lender may foreclose on your home.
The U.S. Department of Housing and Urban Development offers tips to avoid foreclosure. Rather than wait for worrying phone calls and letters, get proactive about your financial situation.
Do not ignore notices in the mail
If you receive notices in the mail from your lender, open them rather than set them aside. Lenders want to help you make your mortgage payments, and they may share foreclosure prevention strategies in the notices they send. Another reason to open mail is so you have adequate notice of legal action you may soon face.
Understand your rights as a borrower
You may fall behind on mortgage payments, but that does not mean that you forego your mortgage rights. Brush up on Maryland’s foreclosure laws and review your loan paperwork to know what legal measures your lenders may take to receive payment from you.
Contact a housing counselor
Research HUD’s free or low-cost housing counseling. You can work with your counselor to look over your mortgage documents to understand your rights and your lender’s rights. You may even receive help to get your finances in order.
Tap into your assets
If you have unessential assets, such as a second car that you drive little, consider using them to catch up with your mortgage payments. If you do not have assets, consider getting a part-time gig.
Do not lose your home without a fight. Use the above strategies to improve your financial health and keep a roof over your head.