Feldman Law Center - What are the warning signs of foreclosure?

Unexpected life changes are often a contributing factor to foreclosure

What makes it so difficult to think about foreclosure during times of crisis is that you are so focused on the problem at hand and not likely to have the time or energy to think about how it could impact other aspects of your life. Life changes such as divorce or separation, loss of a loved one, death of a spouse, major illness or injury, job loss or reduction of income are some of the main reasons homeowners lose sight of the importance of dealing with foreclose issues. That is why a plan should be developed prior to any life problems that may arise unexpectedly for your own protection and preserving the American dream “home ownership.
If you have a "Plan" in place, you won't have to organize your thoughts and finances while finding a new job, dealing with a major illness or loss of a spouse. The plan will already be in place and your focus can be on getting your life back together and not dealing with all the issues at hand.

Financial warning signs

There may not be a major life change to signal potential trouble – you simply may be having a difficult time properly managing your finances. Don't be fooled into thinking your credit card problems won't affect your mortgage obligation as there are many home owners facing trying times these days and there is a direct link. It is important to realize that financial difficulties in one area can, and often do, spill over to other areas. These difficulties are all warning signs of financial problems that can lead to foreclosure on your home if you do not act quickly you may lose your home to foreclosure as many Americans are these days.

They include:

1) Maxing out credit cards Credit to pay for day-to-day expenses
2) Being unable to pay household bills on time
3) Paying only the minimum amount on credit cards all the time
4) Applying for new credit cards after maxing out on existing ones
5) Having to choose which bills to pay month after month

You may be able to get your finances back on track before foreclosure becomes a reality.

Identifying a legitimate credit counselor or Loan Modification negotiator
Do your research; a disreputable counselor or loss mitigation company can do more harm than good.
Contact the Feldman Law Center at (877-75-FIX IT) to get sound advice before you fall victim to foreclosure or Call 888-995-HOPE to get help. If you are researching agencies on your own you can find a credit counseling agency in your local phone book or by contacting the U.S. Department of Housing and Urban Development (HUD) at (800) 569-4287 on weekdays between 9:00 a.m. and 5:00 p.m. Eastern time. You can find a list of HUD-approved agencies on their Web site.