Foreclosure: a Way Out?

By: Lizz Marrs Email
By: Lizz Marrs Email

GRAND JUNCTION, Colo. (KKCO)- There are ways to stop foreclosure.

With foreclosures in Mesa County up by 173 % in the third quarter this year compared to last, it's no wonder people are seeking the advice of experts so they too don't end up homeless.

Counselors like Tammy Trucker with Adam's County Housing Authority were giving out free advice at this foreclosure fair, "number one thing we can say is get help from a HUD certified counseling."

Trucker says there are ways around foreclosure.
Don't deal with agencies that aren't HUD certified, "There's a lot of agencies out there they charge about $3000 for something they can't guartantee."

And if the advertising for these agencies sounds too good to be true it probably is.

Also, the government has programs that could help you out, especially if your payments are above 31% of your income.
"Government has programs with forbearance to give a little time off.... a forbearance can last from 3–6 months"

And if you do feel the strain of your mortgage don't jump the gun to refinance.
Trucker says you have to pay fees for refinancing but a loan modification is free.
"A loan modification is one way that once a foreclosure has already commenced that you can get it to stop."
Whatever you do. Experts say don't walk away from your home.

Trucker says even if you're a few months behind on your mortgage payment don't stop paying all together because every payment counts and it could be the key to keeping your house.

And if you're looking for help right now you can call the Colorado Foreclosure Hotline at 1–877–601–HOPE.

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