Granby " Work with your lender if you’re worried about foreclosure
July 10, 2008
I received an e-mail from a local realtor earlier this week indicating that foreclosures for the year now stand at 82 in Grand County through the end of June. The three-year average for foreclosures in the county is 49 per year.
This means that the foreclosure rate in Grand County is now running at 167 percent of the three year average. The only good news in this is that the current trend in local foreclosures is starting to slow down a bit. With this significant an increase in foreclosures, it’s a good time to focus on what you can do if you think you may be in danger of losing your home.
With the number of foreclosures growing, consumers need to know what they can do to protect themselves if they are at risk of losing their home. The most important tip to remember is to maintain an open and honest dialogue with your banker. As soon as a homeowner starts to fear that he or she might not be able to make a mortgage payment, it is imperative to contact the lender.
No one wants a foreclosure ” the homeowner or the banker. Consumers need to know there is help out there if they ask for it. Banks will work with borrowers to keep them in their home and maintain a long-term relationship.
The American Bankers Association offers the following tips to help homeowners avoid foreclosure:
– Analyze your financial situation. It’s important to be honest when assessing your finances. Calculate all of your financial obligations and find out exactly how much of your monthly mortgage obligation you will be able to pay in the upcoming months.
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– Call your lender before you miss a payment. A missed payment will haunt your credit score for a long time. It’s important to talk with your lender and figure out your next steps in order to keep your credit intact. Even if you do miss a payment, you should call your lender so that you can work together to fix the problem before it worsens.
– Work out a game plan. With your lender, work out an action plan on your mortgage. A foreclosure is extremely costly to lenders, so they want to avoid this outcome if at all possible. Find out if you can get an extension on your payments, a flexible payment plan, or a loan modification.
– Remedy the situation. A payment plan or extension is only a temporary fix to a larger problem. Meet with a financial planner or credit counselor to make a long-term plan. It’s important to make an effort to change your financial situation.
For more information about how to prevent foreclosure, you can contact the Colorado Housing Coalition. The CHCC is a non-profit organization founded in 1980. Housing counselors and interested for-profit housing professionals in Colorado have joined together to simplify the process of providing information about a variety of housing-related issues. They can be reached toll-free at (877) 601-HOPE (4673) and they have a very useful Web site at http://www.housingcounseling.com. You can also visit http://www.hopenow.com to find the phone number of your lender or, if you feel uncomfortable calling your lender, call the toll-free Homeowners HOPE Hotline (888) 995-HOPE, which is staffed by HUD-approved credit counselors who can guide you through options.
” Some content for this article was provided by and used with the permission of the American Bankers Association.
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