Foreclosure on your home can be a scary prospect for many Americans, but it doesn't have to be. Check out these 9 things you might not know to prepare yourself.

1. Facing Foreclosure?
9 Things You Should Know www.flagshipfinancialgroup.com

2. Facing Foreclosure?
9 Things You Should Know www.flagshipfinancialgroup.com
For many Americans, foreclosure is more than a big, scary word or a
worst-case scenario. It’s a reality.
Why do people go into foreclosure?
• Layoffs
• Excessive debt
• Medical conditions
• Divorce
• Job transferring to another state

3. Facing Foreclosure?
9 Things You Should Know www.flagshipfinancialgroup.com
WHAT’S TO BE DONE?
If you’re facing foreclosure on your
current home or you’re nervous about
the future, there are 9 valuable facts
that you need to know.

4. Facing Foreclosure?
9 Things You Should Know www.flagshipfinancialgroup.com
YOUR MORTGAGE LENDER DOES NOT
WANT TO TAKE YOUR HOUSE AWAY
Foreclosing on a property means your lender will lose a lot of money
and be stuck with a piece of real estate they will have to manage.
Your lender wants to help you avoid foreclosure or make a deal so
you don’t have leave your home.
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5. Facing Foreclosure?
9 Things You Should Know www.flagshipfinancialgroup.com
FINANCIAL DIFFICULTY DOESN’T
HAVE TO LEAD TO FORECLOSURE
Losing your job, getting divorced, or having uncontrollable debt
doesn’t mean you’re doomed to foreclose on your home. Take some
time to evaluate your situation. Whether you refinance, take extra
work, or find a roommate, realize that there are options to get back
on your feet.
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6. Facing Foreclosure?
9 Things You Should Know www.flagshipfinancialgroup.com
UNDERSTANDING YOUR MORTGAGE CAN
HELP YOU AVOID FORECLOSURE
Even if you don’t see yourself going through a foreclosure, review
your mortgage paperwork carefully. Many foreclosing homeowners
say they were unaware of crucial information about their mortgage.
Read all your loan documents and ask your lender any questions you
might have. Consulting an attorney isn’t a bad idea either.
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7. Facing Foreclosure?
9 Things You Should Know www.flagshipfinancialgroup.com
FORECLOSURE IS A PROCESS,
NOT A SINGULAR EVENT
Average foreclosures take anywhere from two to twelve months
after your first missed mortgage payment, and you will receive many
notices and letters along the way. This long process gives you plenty
of time to take action and come up with an alternative solution. Ask
your lender about your state’s regulations so you’ll know exactly
where you are in the process and how to proceed.
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8. Facing Foreclosure?
9 Things You Should Know www.flagshipfinancialgroup.com
ALWAYS READ THE FINE PRINT
ON FORECLOSURE NOTICES
It’s hard to do, but always read any foreclosure mail you receive. Find
out the legal details and timeline of your foreclosure. Understand
your state laws and how they will affect you. See if your property
has a “right of redemption” grace period in which to reverse the
foreclosure. You have to know what you’re up against to know what
to do next.
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9. Facing Foreclosure?
9 Things You Should Know www.flagshipfinancialgroup.com
ALWAYS ANSWER YOUR
LENDER’S PHONE CALLS
Despite the temptation to avoid your
lender during a foreclosure, don’t! Pick up
the phone when they call, or better yet
call them first. Lenders have foreclosure
avoidance counselors who are always willing
to help you turn your situation around.
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10. Facing Foreclosure?
9 Things You Should Know www.flagshipfinancialgroup.com
SELLING YOUR HOME IMMEDIATELY CAN
GET YOU OUT OF A FORECLOSURE
If you’re in the midst of a foreclosure or about to fall into one, fixing
up your home and selling it quick could be a great option for you.
Talk to your lender to see if you have a “power of sale” clause in your
mortgage. A short sale is usually better for your lender than letting
your home go into foreclosure.
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11. Facing Foreclosure?
9 Things You Should Know www.flagshipfinancialgroup.com
FORECLOSURE HAS STEEP LEGAL,
TAX, AND CREDIT CONSEQUENCES
Every homeowner should know that going
through a foreclosure is going to heavily
impact credit score and ability to borrow
money in the future. Before you resign
yourself to foreclosure, make sure you
really have exhausted all your options first.
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12. Facing Foreclosure?
9 Things You Should Know www.flagshipfinancialgroup.com
GOING THROUGH A FORECLOSURE DOES
NOT MEAN YOU CAN’T GET A VA LOAN
Foreclosing on your house is a rough trial for anyone, but you can
still buy homes in the future. And if you’re a veteran or active service
member, you can still qualify for a VA home loan just two years after
a foreclosure or bankruptcy—sometimes even sooner. Just remember
that going through a foreclosure doesn’t make you a bad person, and
it doesn’t mean you have to give up on being homeowner either.
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13. If you anticipate a
foreclosure in the near
future, don’t give up!
Talk to your lender and
your financial advisor to
find out what options are
available to you.

14. www.flagshipfinancialgroup.com