Coping with financial hardship can feel emotionally overwhelming. It raises stress and anxiety and adversely impacts your physical health, sleep, and, ultimately, your sense of worth.
No matter how dark and scary the world may seem right now, you need to remember you are not alone and that help is available to you right now. All you need to do is just keep moving forward toward your goals.
Facing Home Foreclosure
Learn more about your legal options in our Foreclosure Section.
Learn the legal differences between judicial and non-judicial foreclosure.
Housing and Urban Development (HUD)
According to HUD, If you are facing foreclosure, and in good faith, you are unable to make your mortgage payments, you should consider these important recommendations:
Don’t ignore the problem
The longer you avoid the problem the more difficult it will be to have your lender reinstate your loan and the more likely that you will lose your house and face ejectment from your property.
Contact your home lender as soon as you believe you are unable to make your mortgage payments
Lenders do not want your house. Lenders want to make money by you fulfilling your loan obligations. This is especially true if the lender is concerned that you will file for bankruptcy. This is why lenders provide homeowners with home loan modification options.
Don’t ignore the lender’s late notices
In most states, the first notices you receive will provide valuable information about how you might be able to prevent foreclosure and offer options that can help you with the process. Ignorance of the law is no excuse. Your failure to open the mail is not a defense in foreclosure court.
Know your mortgage rights.
Find your loan documents and read them to know what your lender may do if you are unable to make your mortgage payments. It also makes good sense to have your loan documents reviewed by an experienced foreclosure defense lawyer.
Learn about your state’s foreclosure laws and timeframes. Every state has different foreclosure laws and time restrictions. by contacting the State Government Housing Office.
Learn about your legal options
Many online resources provide information about your legal options.
HUD-approved housing counselors
The U.S. Department of Housing and Urban Development (HUD) funds free or very low-cost housing counseling nationwide. Housing counselors can help you understand the law and your options, organize your finances, and represent you in negotiations with your lender if you need this assistance. Find a HUD-approved housing counselor near you or call (800) 569-4287 or TTY (800) 877-8339.
Financial Hardship – Other Forms of Public Assistance
This section provides information on local private, non-profit, and public assistance services you can access now.
Help with rent (section 8 housing)
Low and no-cost legal assistance
Caring For Your Emotional Wellbeing
In times of life-changing trouble, you must prioritize caring for your emotional wellbeing. How you view your challenges is how you will likely experience them.
So taking a positive and courageous attitude will go a long way in helping you manage and find solutions to most of what you need. So don’t keep your feelings bottled up inside. Instead, reach out to a professional counselor for emotional support.
Reaching Out to Friends And Loved Ones
You may also want to reach out to a trusted friend or loved one. You may be surprised to learn they have been through some rough financial times and may have some advice on how best to deal with them.
You will likely find that just talking through your current situation will help you keep things in perspective.
