Foreclosure headlines are not leaving. Filings are rising in many states as pandemic protections end, interest rates stay high, and everyday costs keep climbing. For most people, the home is their biggest asset, so the fear of losing it feels overwhelming. But think about how you can use your equity to your advantage, understanding foreclosure is a process—not a single event. That means you usually have time and options.
- Don’t ignore payment trouble
If you’re falling behind—or see it coming—contact your mortgage servicer immediately. Ask about:
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- Forbearance or repayment plans – Temporary relief or ways to catch up over time.
- Loan modification – Changing your rate, term, or balance to make payments affordable.
- Silence is your enemy. Early calls give you more choices.
- Know your rights
States have different timelines and protections. Look up your state’s foreclosure laws or talk to a HUD‑approved housing counselor (free or low‑cost). They can help with:
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- Review your options
- Talk to your lender
- Create a realistic budget
- Protect your credit and equity
If staying isn’t realistic, you can get a fresh start by:
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- Selling before foreclosure, possibly walking away with cash
- Short sale (with lender approval) if you owe more than the home is worth
- Deed in lieu of foreclosure, in some cases
- Your next step today
If you’re worried about foreclosure, don’t wait:
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- Call your mortgage servicer and say: “I’m experiencing financial hardship and want to discuss loss‑mitigation options.”
- Schedule a free session with a HUD‑approved housing counselor.
Taking action early can mean the difference between losing everything and finding a path forward. If you feel overwhelmed, contact our office. We will help you get started—free of charge.
Disclaimer: C & S Equity Advocates is not a law firm and does not provide legal advice. We do not offer legal representation, legal opinions, nor are we affiliated with any government organization or entity. Any information we share is for general informational purposes only and should not be considered legal advice.