Your home is in foreclosure. Now what? Do you know what to do and how to get yourself out of it? If you want to stop foreclosure sale on your home, there are some tools that you will need to help you.
A good place to start is by developing a budget. Write down your monthly income and all of your monthly expenses. It might help to get a calendar out so you can write down when the money is coming in and when it goes out with the bills. This may help you realize where some problem areas are.
Also if the amount of money going out exceeds the amount coming in, you obviously have a problem. Figure out where that money is going and if there is a way to bring things back into balance.
It is also helpful to have a written plan for how you are going to stop foreclosure sale on your home. Here is where some research needs to come into play. Do you know what the foreclosure timelines are for your state? Do you know what the laws for foreclosure are for your state? Have you done research or talked to a credit counselor? Maybe your plan at first is just to get yourself educated. Be sure that you are taking steps each day to stop the foreclosure on your home.
Having an open line of communication with your mortgage company is also critical. If you do not have a contact at your lender, get one. You need to find out what your mortgage company requires to stop the foreclosure. One way or another you will have to deal with your lender. It is better to start a dialog sooner rather than later.