Avoid Seeing Your Home On HUD Foreclosure Listings

No one can’t deny that the number of foreclosed properties continues to rise these days. There are different kinds of foreclosures; among them, HUD foreclosures. The HUD or Department of Housing and Urban Development, has command over all the loans insured by FHA or Federal Housing Authority. When these loans go into default, these properties become the ownership of the HUD, and is placed on HUD Foreclosure Listings for selling.

HUD foreclosure listings

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As with other foreclosure processes, an HUD foreclosure begins with missed payments and the borrower choosing to ignore notifications from the bank or lending institution. The steps that follow afterwards vary depending on the state you are located in. It is therefore important to know the rules and regulations of the state where your property is located. The critical time starts ticking at 90 days; enough time to prevent seeing your home on HUD foreclosure listings.

How Homes End Up in HUD Foreclosure Listings

It all starts when you miss paying your mortgage payments. The first thing that you must do if you have missed your payment for the first time is to notify your lender right away. It is important that your lender is aware that you are experiencing financial hardship. This sends out the message that you are sincere in saving your home. If your lender does not hear from you, they will foreclose your home in the manner agreed in your contract with them. After which, your home will be turned over to the FHA to have the balance of your mortgage paid. The FHA then takes your home and hands it over to the HUD who will place your home in the foreclosure listings.

You can avoid foreclosure by making sure that you pay your mortgage dues on time. Call your lender beforehand if you feel that you will be missing a payment. If you get a notice of default from them, do not ignore it. It will not take too much effort to call or send them a letter explaining the financial state you are in. Know your options. Avoid foreclosure by negotiating with your lender.

Seeing your home on HUD foreclosure listings is probably the worst nightmare. However, you will be able to handle it better if you know your options. Be knowledgeable on what is available to you by way of assistance. Most importantly, act as soon as possible because the longer you wait, the lower your chances of saving your home.

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