Many people in the Detroit area found 2020 to be a financially difficult year and for some people 2021 is shaping up to be no better. If you were furloughed, laid off or returned to work at reduced pay you may have found that paying your mortgage became impossible. With the nationwide moratorium on foreclosure proceedings coming to an end, some homeowners may find themselves facing the prospect of losing their home. If you are facing foreclosure, there are two steps you can immediately take to address the situation.
Call your lender
If you are facing foreclosure one step you can immediately take is to call your lender. Explain to them why you cannot pay your mortgage and whether the issue is temporary or permanent. You can also provide them with information about your earnings, expenses and financial assets such as money in a savings account. Your lender may have programs you qualify for to avoid foreclosure.
Call a HUD-approved housing counselor
A second step you can immediately take if you are facing foreclosure is to contact a HUD-approved housing counselor. The counselor may let you know if you qualify for any housing assistance programs. The counselor can also help explain any loss mitigation options your lender offers as well as which options may be best for you. In addition, the counselor can assist you as you work with your lender. Finally, the counselor can provide you with budgeting advice and advice on how to tackle issues that are making it difficult for you to pay your mortgage.
Learn more about foreclosure in Michigan
If you are facing foreclosure in Michigan, you may have many concerns and questions. Fortunately, help is available to struggling homeowners. This post is for educational purposes only and does not contain legal advice. Our firm’s webpage on foreclosure may be of interest to those who want to learn more about this topic.