How to avoid your house from being foreclosed, repossessed by the Bank
1. Always be in touch with the bank
The bank rather seeing you keeping your house than they do. They are in the business of loaning money, not possessing properties. If you are in difficulties making your monthly mortgage payment, talk to them, and work out something with them.
2. Always have the special arrangement in writing.
This is only good if the authorized personnel at the bank would give you this promise in writing. Verbal statement means nothing.
3. A longer pay-back period is better than loosing your home.
To spread out a longer pay-back period can ease the pain of present high monthly payment. This is good as a tool to temporarily cure the money crisis
4. Do NOT feel ashamed !
Financial crises happen to everybody. What is the big deal ? Be brave, and deal with it logically. Be positive, and deal with it with confidence.
5. Get help from the government
The United States Federal Housing Administration (FHA) gives you the latest information on what the government can help.
Go to: http://www.hud.gov/offices/hsg/fhahistory.cfm6. Get help from people you can trust.
They could be your family members, or friends, as long as you feel comfortable talking to them about your situation.
7. Use valuable items to ask for better terms with the Bank.
They could be jewelry or antique that you have. If the bank is not interested in them, how about use them as security to borrow money from people you know ?
8. Priests used to be rich, now they pay rent. What is the big deal?
So many priests I know used to be medical doctors with big houses. They chose to become priests, and donate most of their assets to the church. They can survive, so can you !