The downloadable winter 2010 Understanding Default and Foreclosure, (PDF) and Understanding Default and Foreclosure PowerPoint presentation, (PDF), (as PDF with notes).
The need for valuable homeownership preservation education is clear. This chapter will introduce the topics of default and foreclosure, with the intention of giving homeowners a much more thorough understanding of the consequences of default and the foreclosure process and providing homeowners with the tools and resources that could possibly help them avoid foreclosure if they are at risk.
While default may be more or less of a risk depending on the homeowner, it is a possibility for anyone and could happen at virtually any time. Because of this, a general background on the default/foreclosure process and some suggestions of ways to help resolve foreclosure before it gets out of hand can become an unexpected safety net if you ever find yourself in this situation.
The goals of this chapter are:
- To provide general background into how and why default and foreclosure occur.
- To outline some of the outcomes of default for both short term and long term problems.
- To give insight into the legal process of foreclosure.
- Losing your home to foreclosure is in no one’s best interest; understand your options.
- Decide if you want to stay and are committed to repaying the loan; if not look into a sale.
- Talk to your lender.
- Take time to learn details of programs and follow up on every detail; Don’t be derailed by paperwork.
- Ask for help but be careful of anyone offering a quick fix.