PODCAST · business

Foreclosure Survival Checklist

by Foreclosure Survival Checklist

Step 1: Understand Your Current Situation- Know your loan type (FHA, VA, conventional, private, etc.)- Determine how far behind you are (number of missed payments)- Review total amount owed including late fees, penalties, legal fees- Gather copies of your mortgage documents and payment history- Check if you have mortgage insurance and what it covers- Confirm the foreclosure timeline in your state- Look up your sale/auction date, if already setStep 2: Communicate with Your Lender- Call your lender and ask for a loss mitigation department- Request a reinstatement quote to bring the loan current- Ask about loan modification eligibility- Inquire about forbearance or repayment plans- Request a short sale package, if applicable- Keep notes of every conversation (date, time, name, what was said)Step 3: Know Your Rights- Review your state's foreclosure laws- Understand the difference between judicial and non-judicial foreclosure- Know how many days of notice are required befo