subject: 3 Tips To Help You Avoid Foreclosure [print this page] A great many people have in recent months have found themselves faced with severe financial problems. Although many have been able to rectify the problems a great many more haven't and as a result have found their mortgage lender starting foreclosure proceedings against them. If you don't want to end up in this situation it is important that you know how to avoid foreclosure in the first place.
In this article we offer some advice that you may find useful and could ultimately ensure that foreclosure proceedings don't take place, and so you keep your home.
Tip 1 As soon as you have received a default or breach of contract letter from your mortgage lender then contact them immediately. This way you can start to look at ways with them of carrying on making the payments so that your account then will not go into the status of active foreclosure.
Tip 2 When you do contact the lender make sure that you remain calm and speak nicely to them even though they are demanding payment immediately. Ask them if they will accept a quick collect payment from to help ensure that the proceedings against you don't commence. If they do provide the relevant information to get a payment sent to them then do so immediately.
However, be aware that there should be no stops made on your account. If there aren't then once the payment has been made this gives you another month to try and get your finances back in order. What you shouldn't do however is think that making one payment to cover any that overdue will be the end of your worries and will stop foreclosure from taking place. You will need to start working on ways to bring the account back in to order.
Tip 3 If you only have two or three payments outstanding speak with the lender about either just paying off the interest currently. Then look at also finding another way to cover the rest of the payments outstanding. If you can ask family if they are willing to loan you the additional funds to help get your account back on track. Otherwise it may be worth considering taking out a personal loan with your current lender or with another one to cover what is owed. But remember that if you default on these payments then you are at risk of losing your home as well.
