A few words about mortgages Did you know that when you get behind on your house payments (sometimes within the first 30 days) your lender orders a BPO (Broker Price Opinion) of your property from an area real estate broker? And as time go's on, they will order a full appraisal, and more BPO's. This is done to help paint a financial picture for your lender so they can best dispose of your home after foreclosure. The worst thing is that all the time these costs are accumulating and is debt that will be passed on to you, making it harder and harder for you to recover. You have to be proactive, if you want to save your home and credit. Homeowner Checklist to Avoiding Foreclosure You may not be having financial trouble now, but many people do have money problems at some point in their lives. This checklist is not comprehensive and is not intended to provide legal advice. If you need legal advice, you should speak with a lawyer. The best way to avoid foreclosure is to make your mortgage the first bill that you pay each month. However, that is not always possible. The following information provides general suggestions and ideas as to how you can prepare for and work through tough times. Before Trouble Starts Start a file of records relating to your home, and put it in a safe place. Purchase and sale agreement Mortgage application Closing documents Property tax bills Property insurance information Letters you receive from and copies of letters you mail to the bank Use checks, money orders or automatic withdrawal to pay bills Do not send cash Do not use credit cards Keep a record of all payments (date paid and check number) Correct errors quickly Pay high priority bills first Food Mortgage Utilities (heat, hot water, electricity, gas) Do not pay credit cards or other unsecured debts before the mortgage. At the point of foreclosure you basically have three options. Hold out until you can get enough money to pay off your creditor. This option is good only for those who are expecting a large sum of money. If this is the case you can wait until you get the money and pay off the loan completely. Do not expect your creditor to resume payments. You will have to pay off the loan in its entirety. Sell Your Home at a Discount This is generally the only other option. If you are not able to get the money to pay off your loan in full, you will have to sell your house fast before the bank forecloses. FURGUSON CONSULTING has relationships with many lenders and can sometimes prolong the actual foreclosure, ( this will help if there needs to be a last minute sale), find another buyer, or assist you with a program that will allow you stay in your home until you get back on your feet. Contact Furguson Consulting We offer you the option of selling your property, or Helping You Through Difficult Times. If you must sell your property let us negotiate with your lender, often times we can arrange for you to be able to stay in your home while we market or find other avenues for saving your home and CREDIT ! Time is of the essence; Contact us today and learn more about saving your credit and your home.

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