Act quickly and you might be able to stay in house (link)
By NAOMI SNYDER Staff Writer The Tennessean, April 6, 2008
The biggest mistake most people make when falling behind on mortgage payments is waiting until it's too late to do anything about it, housing advocates say.
"They're scared and they ignore several letters," said Rod Williams, director of housing services for the Woodbine Community Organization in Nashville. "I get calls from people that are going to foreclosure next week. It's hard to do anything at that point."
"Often (lenders) are willing to take a loss rather than have a foreclosure," Williams said. "The mortgage company really doesn't want to take your house."
Comment: I am interviewed for this article on how to avoid foreclosure.
Please, please, do not lose your home to foreclosure without exploring all the options. If you are in the Nashville area, let me help you. Don't try to deal with your mortgage company without getting help.
Avoiding foreclosure is often possible, but only if you know what you are doing. Get professional assistance. Don't avoid getting help because you are embarrassed. Don't think you don't need help. If you don't know the options available to you, you won't know what to ask for. You should no more face foreclosure without a professional housing counselor than you should go to court without an attorney. Don't give the mortgage company your financial information until a housing counselor has reviewed it.
One of the most important things for avoiding foreclosure is to act early. You have a much better chance of saving your home if you take action early. If you are behind on your house payment, or your adjustable rate mortgage is about to reset and you know you will have difficulty making the higher payment, call me. If you have friends or relatives who may be facing foreclosure, have them give me a call. There is no cost for our services.
Rod Williams, Director of Housing Services, Woodbine Community Organization. 850-3453
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