Step 1.  Don't communicate with your lender.  As you miss making the monthly mortgage payments, the collections department will commence their calling campaign in an attempt to collect the payments.  Their calls are typically quite aggressive, the calls are frequent and sometimes the caller is demeaning and insulting. 

TIP:  It is easy to identify these calls using caller-ID and simply not answer the phone when your lenders number pops up on your caller ID.  Also, if the caller appears as UNKNOWN, it is often a bill collector or the lender attempting to collect the debt.

By not communicating with your lender, your lender has no way of knowing whether or not you are eligible for a loan modification or other repayment arrangements.  Not answering your phone will keep them in the dark.

Step 2.  Ignore all mailings and correspondence.  Your lenders collection attempts will most likely include sending form letters to the last known address they have for you.  Initially, the correspondence is clearly marked and easily identified as being sent by your lender.  This is only another attempt to collect the debt (mortgage payments).  

The form letters usually contain phone numbers and attempt to compel you to call.  Often these letters will suggest different options available to help keep homeowners in their homes.  The options usually always include you as the homeowner providing information and documentation such as proof of income, bank statements, etc.

 The EASY BUTTON method is to ignore all mailings.  There is no need to clutter up space by retaining the correspondence.  Simple throw it all away.

Step 3.  Depending on which state you reside, one way or another, you will be notified of the bank's Intent to Foreclose.   Simply put, this is a legal action in which the bank has the right to take possession of the collateral used for the loan - your home. 

The service of this legal notice can be ignored as well.

Step 4.   Eviction - defined as the expulsion of someone (such as a tenant or homeowner) from the possession of land by process of law.  In many states, the Sheriff will come to your door and remove you & your family from the premises.

It's that simple.  Losing your home to foreclosure is a simple process.

Saving your home from foreclosure is a bit more complicated.

Visit www.WendySmithRealEstate.com for some helpful information and professional assistance.