Facing Foreclosure in Kansas?

I have started sending out a postcard to folks that are facing a foreclosure. It lists the toll-free hot-line that was created for troubled borrowers. It is a free call and there is no obligation. 1-888-995-4673 is the number and they are available 24/7. Here's a link to an article written about the HOPE toll free number. Or, visit their website at: www.995HOPE.org

If you are in this situation, the first step you need to take is to get educated about your rights and options. There are 6 options you have, 3 will allow you to keep your home, 3 will result in a disposition.

1. Special Forbearance
2. Loan Modification
3. Partial Claim or Claim Advance
4. Short Sale
5. Deed-in-Lieu
6. Assumption (with Lender approval)

I have helped many families facing this situation, and several of them have been approached by investors offering to buy their redemption rights. Then, they have been told, they can rent their own home from the investor for a year or two and eventually, have the option to purchase their home again. Others have been told that the investor will "save" them from a foreclosure by fixing up the house and selling it for them. Before you sell your redemption rights or walk away from your home, contact a neutral party that can explain the foreclosure process and guide you in making decisions. Whether you choose to hire an attorney, talk to a HUD approved Counselor, hire a Real Estate Agent that has training in Foreclosure Intervention or seek other advice, don't delay! Time is of the essence!