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Daily Real Estate News | May 19, 2008
Advice for Anyone Facing Foreclosure
Jacob Benaroya, president and managing
partner of Biltmore Capital Group, which purchases distressed loans
from a wide array of lending companies, offers these seven tips for
home owners facing foreclosure.
- Don’t hide. Open the mail; answer the phone. Respond.
- Be proactive. Contact the bank or lending institution and discuss your financial situation.
- Know your mortgage rights. Review loan documents so you know what your lender may do if you can't make payments.
- Avoid foreclosure prevention companies. Don’t pay money for foreclosure advice..
- Contact a HUD-approved housing counselor.
The U.S. Department of Housing and Urban Development (HUD) funds free
or very low cost housing counseling nationwide. They’ll help you
understand the law and your options, organize your finances and
represent you in negotiations with your lender if assistance is
required.
- Prioritize spending. After
health care, keeping your home should be your first priority. Review
your finances and see what spending can be cut in order to make your
mortgage payment. Look for optional expenses - cable TV, memberships,
entertainment - that can be eliminated. Delay payments on credit cards
and other "unsecured" debt until you have paid your mortgage.
- Use other assets. Do
you have assets such as a second car, jewelry, a whole life insurance
policy-that can be sold to help reinstate the loan? Can anyone in the
household bring in additional income?
Source: Biltmore Capital Group (05/16/2008)
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