Foreclosure is becoming a word that is heard all too often these days. Nowhere is that more apparent than in the front yards of our neighbors and friends where the “For Sale” signs, which have lingered for months, may now have an unwelcome addition – the “Foreclosure” sign.

The Stephenson National Bank & Trust (SNB&T) has resources available to homeowners facing foreclosure.

“Just because you may be involved in foreclosure proceedings now doesn’t mean you have to lose your home,” said Wendy Suchovsky SNB&T loan officer. “The most important thing homeowners can do is keep in contact with their lender and work to find a solution.”

Some may speculate that the people facing foreclosure bought more house than they could afford or that they bit off more than they could chew, but the truth is that foreclosure can hit anyone.

The most common reasons why a homeowner faces foreclosure remain the same: job loss, divorce, a catastrophic medical event, or death.

“Most homeowners never intend to fall behind on their mortgage; they do so because of circumstances beyond their control,” said Suchovsky.

SNB&T has several tips to help consumers avoid foreclosure. If you are having trouble making mortgage payments:

• Call the customer service number of your lender or loan servicer immediately to make alternate arrangements and avoid having a late payment recorded on your credit report.

• Contact credit card companies to reduce or delay payments so you can pay your mortgage first.

If you’ve already missed one or more payments:

• Take action right away. Your lender can offer options such as loan modifications or mortgage workouts that may result in a lower payment or reduced interest rate.

• Open and respond to all mail from your lender. The notices you receive will offer advice on avoiding foreclosure.

If you’ve received a foreclosure notice:

• Understand that your financial institution wants to help you keep your home. Foreclosures cost lenders tens of thousands of dollars, drive down property values, and damage the credit of homeowners for years to come, making it difficult to rent or buy another home.

• Don’t give up. The Wisconsin foreclosure process gives homeowners extra time to work with lenders to halt the process.

The Wisconsin Bankers Association, in collaboration with the Wisconsin Mortgage Bankers Association, Wisconsin REALTORS® Association and Wisconsin Credit Union League, has produced an informational brochure with additional tips and resources to assist homeowners facing foreclosure. For copies of this free brochure, or to speak an experienced lender, stop by any SNB&T office, view the brochure here or call 715-732-1732.

The Stephenson National Bank & Trust is a 134-year old independent community bank with assets of $248 million and Trust assets exceeding $170 million.  Offices are located in Marinette and Oconto, Wis. and Menominee, Mich. For more information about The Stephenson National Bank & Trust visit www.snbt.com.