Welcome to another engaging episode of the Foreclosure Fix Podcast, your essential guide to helping homeowners navigate foreclosure successfully. I'm your host, DJ Olojo, and today, we have an insightful conversation with Chi Nguyen, our special guest and a note expert. Chi is the Director of Asset Management for a note fund and a seasoned real estate and multifamily investor, but what makes her story stand out is her passion for surfing.

We dive deep into the distress note market's current state and discuss crucial insights for homeowners and those navigating the foreclosure process. As foreclosures continue to rise, Chi shares valuable information on managing missed payments creatively, emphasizing the importance of open communication with lenders and servicers, and exploring available programs to help homeowners keep their homes.

Here are the 5 Key Takeaways from this episode:

• Early Communication is Key: If you anticipate difficulties making mortgage payments, don't wait. Reach out to your lender or servicer early and discuss options like forbearance or payment plans. Delaying may result in additional fees and a harder path to resolution.
• Honesty Matters: Honesty is the best policy when dealing with lenders. Providing accurate financial information in loss mitigation or hardship packages can lead to more favorable terms for loan modifications.
• Prioritize Your Budget: In challenging financial situations, prioritize necessities like your mortgage payment over non-essential expenses. Budgeting effectively can help you maintain homeownership and protect your credit score.
• Be Proactive: Take steps to address financial hardships promptly. Seek budgeting or financial literacy resources if needed. Proactive communication and financial management can lead to better outcomes.
• Trust Your Lender: Lenders and servicers aim to find mutually beneficial solutions. Building a working relationship with them can significantly increase your chances of keeping your home and avoiding foreclosure.

Don't miss this enlightening conversation with Chi Nguyen, and be sure to share this episode with anyone facing foreclosure. Remember, your path to a successful resolution starts with knowledge and proactive communication.