Advice on How to Prevent Foreclosure in Alabama

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Advice on How to Prevent Foreclosure in Alabama

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Compared to many other states Alabama ranks relatively low in foreclosures. Through June Alabama ranked 33rd in foreclosures, well behind California, Nevada and Arizona. This does not mean that Alabama is out of the woods, however. As unemployment numbers are holding or trending slightly up, still more homes in the state are in jeopardy.

If you are currently behind on your mortgage or even think it could happen, there are some things you should do immediately. First, contact your mortgage company as soon as you know you are in trouble. While not always the most accommodating, mortgage companies would rather work with you than loose money if your home were foreclosed.

Next, open all correspondence and answer all calls from your mortgage holder. Ignoring letters and calls will not make the problem go away. Initial letters from mortgage companies often list assistance options. Keep in mind that in Alabama courts do not have to be involved to foreclose a home. Attorneys can foreclose which means the process may happen in a much shorter amount of time than other states.

If possible, consult an attorney familiar with real estate law. Read your mortgage document thoroughly and discuss any questions and potential options with your lawyer. Get your financial priorities in order. Get rid of unnecessary expenses such as cable television, club memberships, cell phones and dining out.

Pay your mortgage first before any unsecured credit such as credit cards. Try to keep your mortgage current. If you need to skip paying a credit card, contact the card issuer and discuss delayed payment options. Even if your credit card has no options it is better to be current on your mortgage and behind on credit cards.

Try to find a way to get extra money. This could mean selling a car or boat or other asset. A second job or a spouse returning to work, while not instant cash flow, demonstrates to mortgage companies you are working to keep your home. Do everything you can to prevent loosing your home.

Good luck.

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