Best Way to Respond to a Foreclosure Summons

The most important tips I can offer are these: do not panic, and begin negotiations and maintain consistent communications with your lender as soon as you realize that you will have to fall behind on your mortgage payments.  You should also do on-line research to see if you can avail yourself of foreclosure avoidance programs sponsored by your city, state and/or federal government.  You may also be able to find free (“pro bono”) foreclosure prevention legal services in your local area.

With or without the assistance of an attorney or a government program, you may be able to convince your lender to waive or reduce your payments for a certain period, set up a payment plan to catch up on the unpaid mortgage, and/or add any unpaid payments to the loan and increase future payments to cover the added amount.  However, if your lender asks you to consider a “short sale,” you should definitely seek the assistance of a real estate attorney before you accept their offer.  Although a short sale will not save your home, but it will prevent you from having a foreclosure in your credit history.