Offices of Jacob M. Rzepka

Most Lenders do not wish for a home to go into foreclosure. Foreclosure can be a long process during which time the Lender receives no return on their investment. Foreclosed properties are usually sold at a loss Lenders may spend thousands of dollars in prosecuting a foreclosure and in maintanance of a foreclosed property. Lenders are willing to try an workout deficiencies by borrowers. If you are in default and you received a notice from your lender asking you to contact them?

• Don't ignore the letters from your lender
• Contact your lender immediately
• Contact a HUD-approved Housing Counseling Agency
• Toll FREE (800) 569-4287
• TTY (800) 877-8339
• If you are unable to make your mortgage payment:

1. Don't ignore the problem.

The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house.

2. Contact your lender as soon as you realize that you have a problem.

Lenders do not want your house. They have options to help borrowers through difficult financial times.

3. Open and respond to all mail from your lender.

The first notices you receive will offer good information about foreclosure prevention options that can help you weather financial problems. Later mail may include important notice of pending legal action. Your failure to open the mail will not be an excuse in foreclosure court.

4. Know your mortgage rights.

Find your loan documents and read them so you know what your lender may do if you can't make your payments. Learn about the foreclosure laws and timeframes in your state (as every state is different) by contacting the State Government Housing Office.

5. Understand foreclosure prevention options.
Alternatives to Foreclousre include:

• Loan Modifications
• Loan Restructuring
• Shoirt Sales

Lenders have Home Retention programs which you can contact and ask for options to avoid foreclosure. Government back loans such as FHA, or VA require lenders to help where feasible. PMI insureres also expect a lender to make an effort to avoid foreclosure.

6. Contact a HUD-approved housing counselor.

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.

Valuable information about foreclosure prevention (also called loss mitigation) options can be found on the internet at : http://portal.hud.gov/portal/page?_pageid=73,1827662&_dad=portal&_schema=PORTAL


7. Prioritize your spending.

After healthcare, keeping your house should be your first priority. Review your finances and see where you can cut spending in order to make your mortgage payment. Look for optional expenses-cable TV, memberships, entertainment-that you can eliminate. Delay payments on credit cards and other "unsecured" debt until you have paid your mortgage.

8. Use your assets.

Do you have assets-a second car, jewelry, a whole life insurance policy-that you can sell for cash to help reinstate your loan? Can anyone in your household get an extra job to bring in additional income? Even if these efforts don't significantly increase your available cash or your income, they demonstrate to your lender that you are willing to make sacrifices to keep your home.

9. Avoid foreclosure prevention companies.

You don't need to pay fees for foreclosure prevention help-use that money to pay the mortgage instead. Many for-profit companies will contact you promising to negotiate with your lender. While these may be legitimate businesses, they will charge you a hefty fee (often two or three month's mortgage payment) for information and services your lender or a HUD approved housing counselor will provide free if you contact them.

10. Don't lose your house to foreclosure recovery scams!

If any firm claims they can stop your foreclosure immediately if you sign a document appointing them to act on your behalf, you may well be signing over the title to your property and becoming a renter in your own home! Never sign a legal document without reading and understanding all the terms and getting professional advice from an attorney, a trusted real estate professional, or a HUD approved housing counselor.

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Law offices Jacob M. Rzepka 5035 Mayfield Rd. Lyndhurst, Ohio 44236 (216)-923-1309
Hours By Appointment - Evening and Weekend Appointment Available
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The laws governing legal advertising in the state of Ohio require the following statement in any publication of this kind: "THIS IS AN ADVERTISEMENT."This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship