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How to Avoid Foreclosure

By: Gerry Vandewall

Unfortunately, everyone runs into a time of life when money is tight and juggling finances is a serious challenge. For individuals owning a home, they could be in a position of having the home foreclosed for lack of payment. If you have found yourself in a compromising position but desperately want to do what you can to save your home, the good news is that avoiding a foreclosure is possible if you know how.

Foreclosure is what happens if you can no longer meet the payment schedule on your home loan. The lending institution repossesses your home and sells it to someone else. There are three options that you should know about. The first one is to try to keep it. The second is to sell it yourself; using the money to repay the loan and any extra fees you’ve accrued. The third option is to let the lender proceed with the foreclosure. It will then be your responsibility to pay any difference between the price they got and what you owe.

The first rule of thumb is to respond to any letters you receive about late payments. The worst thing you can do is just ignore them. Call the number provided and give a detailed explanation to someone as to why you are behind. Remember that a foreclosure is a major undertaking for the mortgage holder as well as you, so they will most likely try to work with you. It costs them money, time and trouble.

There is something called a Special Forbearance that may be available to you. It can allow you to make lower or even no payments for a period of time. This is generally an option if you become unemployed, lose part of your income, or have incurred an unusual increase in your living expenses.

Mortgage Modification is another possibility. It’s a program that lets you refinance your whole loan or lengthen its term. It can go a long way in helping you get caught up. Your lender may also let you make a Partial Claim. Under its terms, they will help you take out a no interest loan from the Housing and Urban Development (HUD) Department, giving you the opportunity to bring your mortgage current.

Remember, if you fall behind, rather than worry about foreclosure, talk to your mortgage company to see what programs you would qualify for so you can stay in your home. Never ignore the problem, because you likely have several viable options to fix your foreclosure problem.

Copyright 2006, Gerry Vandewall, All Rights Reserved. This article may be published on web sites or in newsletters provided this notice and the resource box is included without ammendment.

Article Source: http://www.simplepetcare.com/pet-articles

Gerry Vandewall runs the Foreclosure OK, web site that focuses on a range of resources about foreclosure issues. For more details, go over to: www.foreclosureok.com

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