You have worked and saved to buy your house. But now, you are in danger of losing it because you have defaulted on your mortgage payments for several months. You know that you have to do something immediately to save your home from being included in the thousands of foreclosures on list of cheap houses.
Knowing that you have to act immediately to prevent losing your home to foreclosure is a good start to combating the problem. Finding solution to the problem early will give you a great opportunity to explore your options.
Contacting Your Lender:
The notices of default that you will receive a few months after you started defaulting on your mortgage payments signals that the foreclosure proceeding has begun. Do not throw away these notices or other communications that you receive from your lender. Take time to read them for they may contain some proposals or options to be able for you save your property from being place on a list of cheap houses. And besides, ignoring these notices or letters from your lenders will not make the danger of foreclosure go away.
As soon as you received a notice of default, make an appointment with your lender. Be honest and tell him about your financial predicament. Go over some options available so that you will prevent losing your home to foreclosure.
Asking Help From Family and Friends:
If talking to your lender is not an option that you would consider, try asking help from members of your family or friends. You can try to borrow the amount that you need to pay your arrears and make your account current. Maybe you can make a business proposal by offering to pay the entire loan amount plus interest. Just make sure that you are expecting some money in the future for you to be able to pay your relative or friend.
Lastly, you can try to sell some of your assets and use the proceeds to pay off your debts in order to save your home from being included on a list of cheap houses. Inventory some of your valuable things and find buyers for them.