Protect your home from foreclosure

Protect Your Home From Foreclosure!

What is a foreclosure? A judicial foreclosure is when a creditor, typically a bank or morgage company, files a lawsuit after you fail to pay part of the debt and a sheriff sale occurs which allows the creditor to take the title to your property.

What do you do if you receive a letter about foreclosure?

• Do NOT ignore the letter. You should call or write to your lender and explain your current financial situation. The lender may be able to offer you some help if they know your current situation.
• Stay in you home for the time being. You might be able to qualify for certain kinds of assistance if you leave the property. As long as a court has not ordered you to leave, you can stay.
• Contact a HUD-approved housing counseling agency. These organizations can give you information about programs and services. Their services are usually free. Be cooperative; these agiences are here to help you try and stay in your home. Go to http://www.hud.gov/ or call (800) 569-4287.
• Be aware of foreclosure recovery scams. Don't sign anything you don't understand without getting professional advise from an attorney, trusted real estate professional or a HUD-approved housing counselor.

Additional Resources;

• www.hud.gov/foreclosure - if you are worred about foreclosure, get help NOW!.
• http://www.877gethope.org/ - Visit the Indiana Foreclosure Prevention Network's website or call 1-877-GET-HOPE.
• http://nopawsleftbehind.org/ - If you or someone you know has a pet that has been displaced due to foreclosure, go to No Paws Left Behind.

Source: http://www.indianajustice.org/