Vance P. Truman, Attorney at Law
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What are some warning signs that foreclosure is coming?

The obvious sign that foreclosure is coming is simple: You're missing mortgage payments repeatedly. You're not just late by a week or behind by a little bit, but missing significant obligatory deadlines.

However, by the time you get to this point, you could already be in serious trouble. There are earlier warning signs you can look for, such as:

1. Spending from savings. You were putting away your savings for something big, whether that's a vacation or your kid's college fund. Now, you're using it to pay the electric bill. This can help you skate by through a rough patch. That's what an emergency fund is for, after all. However, you can only spend like this for so long.

2. Falling income levels. You don't have to lose all income to get in trouble. Maybe you and your spouse both worked, and one of you lost a job. Maybe you are still employed, but your hours were cut back. It's hard -- and sometimes nearly impossible -- to also cut back on your spending.

3. There's no extra money. Sure, you can pay all of your bills every month, but what if your car breaks down and you need to pay $400 to fix it? What if your child breaks his or her arm? What if there's a leak in the roof? If you have no extra money, it means that one surprise expense can put you behind enough that you just can't pay all of the bills anymore.

Watch for these signs. Consider your legal options. Knowing when you're getting into financial trouble before you actually lose your house can help you take proper action.

Source: U.S. Money Ledger, "Do You Recognize the 6 Early Warning Signs of Foreclosure?," Christine Smith, accessed Jan. 03, 2017

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