June 10th, 2009 by Reed Allmand 
Thousands of Texans facing foreclosure want to save their homes; but they simply don’t know how. If you’re facing foreclosure here’s what you should to do to fight back and try to save your home.
- Don’t ignore the envelopes with the “window.” Many times when homeowners are facing foreclosure, they feel overwhelmed and decide to avoid the problem instead of facing it head-on. That’s a mistake. Don’t ignore your mortgage lenders phone calls and letters. The foreclosure will not go away by avoiding them. Respond to your lenders and keep track of all of your communications (written and via telephone).
- Don’t go it alone. When facing foreclosure you need to seek professional advice. Remember, your home is at risk and you don’t want to take any chances by making a wrong move when fighting a foreclosure. Before you sign any agreements with the mortgage lender seek counsel from an attorney, accountant or knowledgeable mortgage professional.
- Take an honest look at your financial situation. If you’re facing foreclosure, in all likelihood you’re also facing other financial problems. The question is, is it a short-term or long-term financial problem? If you’ve faced a job loss and have no significant savings or alternative income, you may eventually face foreclosure anyway, despite receiving a loan modification or other concessions from the lender. In that case you may want to seriously consider bankruptcy.
- Discover your options and choose wisely. There are several options for avoiding foreclosure. A mortgage lender may be willing to modify your loan, offer a temporary deferment or allow a short-sale. More options may be available depending on which lender holds your mortgage. Once again, seek professional advice when weighing your options, each has its advantages and disadvantages.
- Keep meticulous records. Homeowners hoping to avoid a pending foreclosure must keep detailed records of their income and expenses. These records will help the homeowner provide proof that he/she can repay the loan under the new terms.
For homeowners who are facing an uncooperative lender or a lender who has refused to offer alternatives to foreclosure, you may need to contact a bankruptcy attorney. Bankruptcy will immediately stop foreclosure proceedings and buy you more time. Time is a critical factor when facing foreclosure, that’s why you must act quickly.
About Reed Allmand
Allmand's vision is rooted in his own financially precarious childhood in Abilene "My father always had difficulty holding a job and supporting our family, so after my parents divorced when I was 12, my sister and I got jobs to help make ends meet," he recalls. "I remember what it felt like as a child to worry that our car would be repossessed or home foreclosed on."
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