When you are in the throes of the foreclosure process or you see it in your near future, you may think of the situation as you against the bank or lender. But it’s actually the opposite; there are professionals, and many of them to which you have free access, to help you maneuver the foreclosure process. In fact, since going through foreclosure is typically a very emotional process for the homeowner, it is a good idea to have as many professionals as possible on your side to help you get through  as unscathed as possible.

Team members may include:

• Real estate agent
• Real estate/foreclosure attorney
• Foreclosure specialist
• Foreclosure counselor
• Tax advisor

According to the National Foreclosure Mitigation Counseling Program (NFMC), homeowners who use a foreclosure counselor are 53% more likely to stop foreclosure than those who do not work with a foreclosure counselor.

DIY Foreclosure

You, of course, have the option to work through the foreclosure process on your own—by working directly with your contact at the bank or mortgage lender. One problem with this is that you likely lack the experience to work through the a foreclosure with your eyes wide open, so you have to depend on what the lender or bank that is foreclosing on your home is telling you. The mortgage company is not on your side, but is doing what is in its best interest, so they are unlikely to guide you to make decisions that are in your best interest.

Again, you’re running on high emotions, so the decisions you make without some professionals on your side may not be in your best interest. When you do assemble a foreclosure team, including a foreclosure counselor, the first thing that happens is that it takes the emotion out of the decision-making process.

What is a Foreclosure Counselor?

The U.S. Department of Housing and Urban Development (HUD) is the agency that prepares and approves a professional foreclosure counselor before the counselor is able to work with customers. You can typically find a foreclosure counselor through your existing lender or by contacting the HUD foreclosure counseling hotline at 1-800-569-4287, or the HUD foreclosure prevention hotline at 1-888-995-HOPE (4673).

Once you find the counselor, they gather and review your current financial situation. Using this information, they present any programs you may qualify for to prohibit the foreclosure. The programs the foreclosure counselor finds that are available to you are either from your lender or provided by government agencies. The two primary advantages of working with a foreclosure counselor is they work with your best interests in mind and their help won’t cost you a dime.

Once you work with the foreclosure counselor to choose the best program or option available to you, the foreclosure counselor continues to work with you and your lender to stop the foreclosure.

Foreclosure Counselor: Referral Specialists

A foreclosure counselor does not offer tax or legal advice. These professionals also do not guarantee any type of a resolution. In other words, the foreclosure counselor cannot guarantee that the foreclosure process will stop, but they do work with you to resolve it in a beneficial manner to you. The foreclosure counselor may also be able to refer you to the tax, legal and other professional advisors that you should have on your team.

Whether you are pre-foreclosure or starting the process, before you do anything else, start to assemble your foreclosure real estate team. Start by contacting HUD to obtain a foreclosure counselor and then work to put together a team that will work for you to achieve the best outcome—hopefully, stopping the foreclosure altogether.