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Tips for Avoiding Foreclosure

It is no mystery that mortgages have been a huge source of strife for homeowners over the past several years. If you someone suffering from the current financial state of the world, you may be at risk of foreclosure or other penalties taken against you by the banks.  While most people do not think that they could lose their home, it is a possibility for anyone paying a mortgage. If foreclosure seems eminent, there are certain steps you can take to try and prevent it.

1) Keep in contact with your bank about your mortgage payments, and make sure that if you are going to miss a payment or pay late, that you talk to them and set up a date you will be able to pay. If you are embarrassed or angry and just do not want to talk to the banker, it looks worse for you, and you will increase your chances of foreclosure. Instead, having clear lines of communication will keep you safer, and also make you less of a target for the creditors and bankers.

2) Stay on top of your mortgage payments. It may sound like common sense, but it can be easy to lose track of payments. File them in a special folder, and make sure that you can make your payments on time when possible. If you are not able to pay your mortgage for any reason, remember rule number one and let someone know that you are struggling, preferably your bank. Most banks have an online way to track your mortgage payments as well, so you can both pay and check online to see if your payment went through.

3) Talk to a legal professional or foreclosure agent, and learn the specifics of the foreclosure laws and processes in your state. Not only will you feel better having someone to speak to about these issues, but it is also important for you to be as educated as possible about foreclosure in your state. Every state is different, and the more information you know, the better able you will be to fight the banks and keep your home out of foreclosure.

4) If you have been notified that the foreclosure process has begun, talk to your lender. If your house has not been sold in an auction yet, you may have a chance to negotiate some new terms. This can be difficult and time consuming, but it will also bide you some time, slow down the foreclosure process. It may allow you to stay in your home longer while you either look for other living situations, or find a new way to keep your house. If you do not get in touch with the people who are threatening to take your home away, you might not be able to fight the foreclosure. However, staying active and defending yourself is the best way to slow and potentially prevent the home from going to another person.

Although foreclosure can seem like it is looming around the corner at all times, it will really help homeowners to make sure they stay current with any payments, keep the lines of communication open between themselves and their lenders, and stay active in their fight against foreclosure. Since the foreclosure process takes a little while, make sure you exhaust all preventative options during that time!

Byline:  Christie Stewart is a freelance blogger who writes on behalf of Kanetix.

 

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  • Great information, thank you for sharing. In our area, we have noticed a substantial decrease in foreclosures. Hopefully the trend will continue.

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