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Foreclosure is the single most devastating thing that can happen to a person's finances and credit rating.  The repercussions of a foreclosure will haunt you for years to come... and even for a life time.  As a result, you should seek available alternatives and AVOID FORECLOSURE!

Here are some of the direct effects of a foreclosure:

• 10 Year hit on your credit report
• Life time hit on every mortgage application you fill out moving forward
• Life time hit on every job application you fill out moving forward
• Government Employees and Military Personnel can lose their Security Clearance
• Broken Families due to the consequences of the foreclosure

1. Don't ignore the problem: The further you become in your payments the harder it will be to fight against time, in negotiating with your bank and the court system.
2. Contact your lender(s) as soon as you see you have/may have a problem paying your mortgage: You need to understand that your lender does NOT want your house, and does NOT want another foreclosure.  In MOST cases, lenders are working together with REALTORS and homeowners to avoid foreclosures.
3. OPEN and RESPOND to all correspondence from your lender: The first notice you will receive will provide you with very important information regarding your options and foreclosure prevention.  All subsequent notices will inform you of pending legal actions against you.  This s when you can delay the process and buy more time in the process. If you work with a Certified Distressed Property Expert, you will be armed with the expertise you need to go in and fight for your rights!
4. KNOW your mortgage rights: Find you original loan documents and read the thoroughly so that you know what your lender can/cannot do if you can't make your payments. 
5. Understand the foreclosure prevention options: Valuable information about foreclosure prevention (loss mitigation) can be found on the Internet.
6. Contact an Expert in Distressed Properties: Many times yo will find that after speaking with your lender the only option you may have left is selling at a SHORT SALE.  You lender may suggest the you contact an expert in the field of foreclosures and short sales.  As a Certified Distressed Property Expert, Michelle Burgos can assist you in negotiating with the bank and getting your house SOLD to AVOID FORECLOSURE. When it comes to SHORT SALES...EXPERIENCE COUNTS!
7. PRIORITIZE YOUR SPENDING: AFTER HEALTH CARE, YOUR HOME SHOULD BE YOUR FIRST PRIORITY!  Go over your finances and readjust your budget to see where you can cut expenses in order to make your mortgage payments.  Some areas you want to consider are cable television, entertainment that you can eliminate, memberships, avoid eating out with the family, etc.  Delay payments on credit cards and other "UNSECURED" debt until you have paid your mortgage.
8. USE YOUR ASSETS FOR LEVERAGE: Do you have a second car, jewelery, boy toys, etc that you can sell for cash to help reinstate your loan?  Can you and/or your spouse or family member get a second employment to increase you household income. Although, these efforts may not significantly increase you available cash flow, they will demonstrate to your lender that you want to SAVE YOUR HOUSE AT ALL COST, and they maybe more willing to work things out with you.
9. AVOID FORECLOSURE PREVENTION COMPANIES: YOU DO NOT NEED TO PAY FEES FOR FORECLOSURE PREVENTION - use your money to pay your mortgage instead.  
10. Don't lose your house to FORECLOSURE RECOVERY SCAMS: Find a trusted adviser.  Be sure to read everything before signing any legal document, you may well be signing over the title of your house and becoming a renter in your own home if you are not careful.  Seek the professional advise of an attorney or your local Certified Distressed Property Expert, Michelle Burgos, to give you the expertise you need to overcome the foreclosure process, and help you every step of the way.  Michelle can help you save your credit and relieve the uncertainty.  Most of all, she can help your family get their lives back to normal.