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Start Negotiating Early To Avoid Debt Spinning Out of Control

(Wyoming) "This is a problem that can sneak up on you," said Jeremy Wilch, a counselor for the Wyoming Foreclosure Hotline. "The numbers get really big really fast." For the last sixth months straight, reduction or loss of income is by far the number one cause of foreclosure in the state. The Wyoming Foreclosure Hotline works as a non-profit through a series of grants from the Attorney General's office to try and help reduce the number of people losing their homes. They never charge a fee at any point to work with residents who are already struggling. The hotline exists not just to council those going through foreclosure, but to prevent the foreclosures from ever happening. "Once you miss two mortgage payments, you're going to be really struggling to get caught up," Wilch told Pitchengine. Some who have recently been laid off may think that unemployment or their severance will carry them for a while and they won't have to worry about their house payments until later. And that, according to Wilch, is usually too late. "Someone I can start with at the very point of hardship is my ideal client," he said. "A lot of people don't realize that until you're 90 days past due, you can send money to your bank and they have to take it and apply it to your loan." Over 90 days late, and a financial institution is not obligated to take anything less than the full amount that you're already past due as payment. The foreclosure hotline can also look at your income and expenses to start putting together a new budget that will include covering your mortgage payment, or negotiating payment with your lender. If you know you can no longer afford your home, they will work with you to get it on the market and preserve your credit and equity. "There's a better way to lose your home than through foreclosure," he added. "Our goal is to help people save their homes." The service is free and is not a mortgage scam. It works in conjunction with the Wyoming Department of Workforce Services. You can check out their website , Call Jeremy Wilch directly at 307-275-5461, or call the hotline at 307-275-5461 for more information. #county17 #dally #news