Help! I Am Going To Lose My Home, How Do I Prevent Foreclosure?
If you have watched any television, listened to the radio or read the newspaper lately
, you have probably heard that thousands of people around the country have lost their homes due to foreclosure. Many more people are working through foreclosure of their homes and many more are likely to be next. If you are one of the multitude of individuals who may have a foreclosure near at hand, going through a foreclosure or do not want to ever come close to having a foreclosure on your home, you will be pleased to know that there are several measures you can take to prevent foreclosure.
If you are currently in the process of handling a foreclosure, you still have time to prevent the foreclosure from happening. The foreclosure process is not a fast one by any means as there are specific steps that the lender must follow to file the foreclosure for your home. During the time that the foreclosure process is taking place, you can be taking this time to consult with a foreclosure negotiator or even a lawyer, depending on what route you wish to take. You can also simply commence negotiating with your lender and may be able to prevent your foreclosure in that manner. Discussing the situation with your lender is a good idea for many reasons. The lender might agree to simply modifying your home loan, which could prevent foreclosure on your home. If you can give the lender a good explanation of the hardships you have recently faced to put you into a position of foreclosure, the lender may likely be sympathetic to your story and will work to modify your loans or mortgages so that they are manageable. Loan modifications are also a great idea for those who are not experiencing a foreclosure, but feel that they might in the future.
Whether experiencing a foreclosure or not, as a homeowner, it is never a bad idea to seek out professional help for any serious questions or concerns you have about foreclosure. If you are experiencing a foreclosure, it is not a terrible idea to consult with a foreclosure negotiator or a lawyer. One of the best preventative measures that can be taken to avoid a foreclosure on a home is to always pay your home loan on time and even save up a little extra money if it is possible. Of course, these are measures that are most effective when done from the beginning, but any time is a good time to start.
by: Shirley Torres
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