Faced with the threat of a foreclosure on their home, with all
the weight of the mortgage industry and its army of attorneys
against them, the average homeowner might feel like David facing
Goliath.

But David defeated Goliath !

David had a sling and some pebbles.

You have an armory of tactics and options which can enable you
to stop foreclosure proceedings in their tracks.

There are certain basic rules to follow if you want to stop
foreclosure on your home.

*** Do not leave your home. If you do, you may lose your
eligibility for assistance.

*** Do not speak to the lender's Collection department,
especially over the phone.

*** Never speak to any of your lender's representatives without
having all your facts assembled, and your strategy determined.

*** Don't ask the lender what your options are - know your
options before the real discussions begin. Know and be prepared
for the questions and forms you will be faced with.

*** Don't volunteer the fact that you are either unemployed or
insolvent, or you're dead in the water.
(If you are either unemployed or insolvent, you'd better change
things pretty quick, for the lender has to be convinced that you
have the means to meet the loan repayments, and he will want to
see evidence supporting this fact before he will stop
foreclosure proceedings.)

*** Don't rely on your memory - have everything written down
clearly, and all your credit history records at hand.

*** Speak to the lender's Loss Mitigation or Foreclosure
department. Be firm, and insist on speaking to the right people
every time.

*** Make a real effort to understand the legal terms relating to
mortgages. To stop foreclosure proceedings, you need to speak
the same language as your adversaries.

If you cannot fully understand the options, or the terms used,
you should certainly speak to a HUD approved counselor - ring
(800) 569 4287.
And do this as soon as you realise you might be heading for
foreclosure.

Know your options ! Know your rights !

Stop Foreclosure - Tip 1
Read all communications from your lender. Time is your enemy, so
the earlier the potential problem is recognised by both parties,
the better the chances of a resolution.

Stop Foreclosure - Tip 2
If your property is FHA or VA insured, then your lender must
give you the opportunity for a workout. If they refuse, then the
FDA/VA may fail their claim for foreclosure.

Stop Foreclosure - Tip 3
If you are suffering financial loss due to the death or loss of
a spouse, illness, or unexpected increase in your outgoings,
contact the lender and request a loan

After 15 years working in the IT industry, author Brendan Forde is now specialising in the financial world, particularly the mortgage and insurance sectors.

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