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Intelligence Report

By Lyric Wallwork Winik
Published: August 19, 2007
[In the News]

Foreclosure Crisis

Experts fear that a million homes will face foreclosure this year-30% more than in 2006-and scams are making the crisis worse. Some tips:

1. Contact your lender as soon as you have a problem paying. Most want to help you keep your house.

2. Respond to all mail from your lender. Early letters often include options that let you avoid foreclosure; later ones are legal notices. "I didn't open my mail" isn't a valid excuse in foreclosure court.

3. Know your rights. Read your loan papers and find out about foreclosure laws in your state.

4. Prioritize your spending. After health care, keeping your home should be your top priority-even before paying off other debt.

5. Avoid foreclosure-prevention companies and scams. You don't have to pay fees for foreclosure help. Don't sign a document from someone claiming to stop a foreclosure. In a scam called "equity skimming," a "buyer" offers to repay the mortgage if you sign over your deed and move out. You're left with the debt and no house.

6. Get help from HUD. The Department of Housing and Urban Development offers free or low-cost counselors (call 1-800-569-4287 to find one) and information on avoiding foreclosure at http://www.fha.gov/.