A Note About Foreclosures and Financial Trouble

I went to a class today on short sales and foreclosures. One thing that the Settlement Attorney teacher was hammering into our heads was that banks are trying to avoid foreclosures at all costs...they do not have the resources to deal with all of these houses. If anyone is reading this and you are worried about making your mortgage payment...call your bank immediately and see what you can work out. Banks will sometimes allow you to extend the length of the mortgage and then waive a few payments until you can find a new job or get back on your feet. Disappearing (which is a natural reaction for many people) and being too embarrassed to pick up the bank's phone calls will almost certainly lead to a foreclosure and ruin your credit. Be smart and communicate about your financial trouble and find out what can be done to save your house and your credit score.