Integrated Family Community Services 3370 South Irving Street, Englewood, CO 80110-1816 Ph: 303-789-0501

Facing Foreclosure? Tips to Prevent That

Nobody wants to foreclose on your family home. The banks won’t tell you this publicly, but they might be losing money if they have too many foreclosed homes on their books. Read the news – many banks already have many foreclosed home on their balance sheet.

Numerous foreclosed homes lower the overall value of the housing market. Plus, bankers want to sell loans, they aren’t experts in real estate. That is why there are many ways for you to prevent foreclosure.

Choosing HUD Programs

First of all, as a homeowner, you have mortgage rights. So, review your mortgage rights. Take good advantage of the following mortgage rights to protect your financial well-being: Written Default Notice and Time to Fix Problem.

The lender must give you a written default notice stating that you have fallen behind on payments. Then, you are given a period of time to fix the problem.

Government programs could be of assistance. Choose from the following HUD foreclosure avoidance programs:

  • Making Home Affordable (MHA)
  • Home Refinance
  • Underwater Mortgages
  • Assistance for Unemployed Homeowners

The government categorizes programs by the homeowner predicament. The MHA Loan program goal is to stabilize the country’s housing market.

The Home Affordable Modification Program (HAMP) could lower your mortgage payments to 31% of your monthly gross (pre-tax) income.

If you have been unable to refinance because your home value has declined, you still might qualify under the Home Affordable Refinance Program (HARP). You can succeed, as long as you have a good lender by your side.

The unemployed might get a “temporary reduction or suspension of mortgage payments for at least twelve months” under the Home Affordable Unemployment Program (UP).

Understanding Your Lender

Be honest with your lender. Explain your financial predicament, explain what assets you have access to, talk about potential experiences or benefits you could bring to the table such as being qualified on disability, being a military veteran, your family’s heritage, or anything else that you feel may help you. Lenders have a variety of financial packages for all sorts of specific situations (FHA loans, USDA loans, Native American Direct Loan, VA loans, etc.) – you can pick the type of loan that will work best for you and your family. Everyone wins when you cooperate. It may be hard or feel uncomfortable, but it will help you in the long run.

People can find some relief by looking into getting a new loan. The lender does not need your house; they want to give you a loan. You can also use your assets, if you can.

No one wins with a foreclosure. The government, financial institutions, and homeowners can work together to find a beneficial solution for all. Follow these tips to prevent foreclosure; and if necessary, you could even hire a lawyer who specializes in preventing foreclosures.

If you and your family are in need of help, please make sure to see how we can help you! You are not alone, and we will do everything we can to support you in your times of need.

Tim Esterdahl

Tim Esterdahl is the editor of IFCS blog. He is a married father of three and enjoys golf in his spare time.

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Each day, IFCS works to meet the needs of families in our community. We meet their needs through your support of our mission. Please consider supporting IFCS through continual giving by becoming a Compassion Partner or through one of our many other forms of giving. ... See MoreSee Less

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Integrated Family Community Services

Thank you to our partners at Aspen Grove Shopping Center. Give a gift and receive a gift - we appreciate your support!Donate gift cards from any Aspen Grove retailer today and tomorrow from noon to 4 PM and it will be given to local families in need by Integrated Family Community Services. Receive a limited-edition Aspen Grove ornament with the donation of a gift card from an Aspen Grove retailer valued at $10 or more. Non-perishable food items and hygiene products are also accepted. Drop off your donations at our Holiday Station near Gigi's Cupcakes. ... See MoreSee Less

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Who -

**Parents seeking gifts for their children age infant through 17.

Dates & Times -

** Thursday, Dec. 13, 8:30 to 11:00 and 1:00 to 3:00 for those living within western Arapahoe or Northern Douglas counties. Areas include Centennial, Englewood, Glendale, Highlands Ranch, Littleton, Lone Tree, Sheridan and unincorporated Arapahoe County.

**Friday, Dec. 14, 8:30 to 11:00 and 1:00 to 3:00 for anyone in Colorado

What’s Needed -

**Interested parents will complete a registration form in our office. The following documents are also needed - Parent ID, Child ID (birth certificate, Social Security Card, or school ID), and Proof of Address

What to Expect -

- We will not be able to honor requests for clothing or specific toys.
- We have very few items for teenagers.
- If we run out of toys, we run out of toys.
- Unfortunately, those seeking gifts can receive no other services that session.

Call 303-789-0501 for details
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Opportunity for 5 dynamic self-starters interested in learning more about nonprofit case management with IFCS. Come join our team of compassionate neighbors eager to lend a helping hand. Applicants seeking college level credit should apply. https://t.co/TKqs7QX159 #GiveBack

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THANK YOU! We nearly did it on @ColoradoGives day. Let's finish the job today since there is still time to help.


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