How to Prevent Losing Your Home to Foreclosure

How to Prevent Losing Your Home to Foreclosure

When foreclosure is bearing down on you, ways to prevent it are sure to be on your mind all the time. What options do you have? Who can you turn to for help? How often do you need to keep calling your mortgage company before you actually get someone to talk to?

When you are facing losing your home, there are a lot of different options open to you. The harder question to answer is, are you really in a position to keep your home? If you have had a major life change, you realistically may not be in a position to afford the home that you currently live in. Take an honest evaluation of your financial situation. If making your regular payments means that you will be in the negative every month, chances are that you are not in a position to keep your home.

You can try working with your mortgage company to reduce your monthly payments. But do not expect the payment reduction to be a very dramatic change. If the difference between losing your home and keeping it is $100 to $200 per month less in a monthly payment, getting a loan modification from your bank might work for you. If you are looking at a difference of $500 or more between what your payments and income are, keeping your home will likely prove a more difficult task. If you do go this route, be sure to continue calling your mortgage company until you get someone you can talk to who can help you.

If you are fortunate enough to have some equity in your home, selling it might be the best option. That way you can find a more affordable place to live and you avoid foreclosure. If you do not have any equity in your home, you might still be able to sell it if your mortgage company would agree to a short sale. This means that they would agree to take less money than they are owed on the mortgage loan.

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