subject: Options You Can Try To Prevent Foreclosure [print this page] One of the bitterest events that could happen in your life is losing the home that you have so painstakingly built where you and your family can live happy and safe. Its not difficult to imagine the frustration and desperation of people who besides losing their jobs are now faced with foreclosure of their dream homes. Having no money to spend for necessities is already bad enough but having to face the possibility of being ejected from your own home because you cant pay the mortgage can really be the last straw. Many people faced with this predicament were forced to accept the fact that they would lose their home. However, there are still some remedies they can actually try in order to prevent losing their homes.
The first thing that lenders do if you miss a payment for the first time is to contact you immediately. Understandably, you might be tempted to ignore their calls or delete their emails, thinking that the only message they have for you is to pay what you owe immediately. However, ignoring their communication is not to your best interest. You will only be jeopardizing your chances of retaining your home in case you miss more payments in the future. Besides, when lenders contact you because of a missed payment, it may not be always to demand immediate payment. They know that many people are going through terrible times and are having financial problems brought about by recession. While there maybe some unscrupulous lenders preying on hapless homeowners, there are those who are genuinely interested in helping their clients. You might not know it but the next call you may receive from your lender is about helping you make your mortgage payment lighter and more affordable. It is possible to avoid foreclosure of your property if you know what to do and it starts with talking sincerely with your lender. They would know the ins and outs of loan modifications, loan mitigations and other strategies and options for legally avoiding foreclosures. You would need to understand what your options are and what you can actually do to avail of foreclosure prevention programs. You can also get the services of a foreclosure avoidance counselor from the HUD for free. Avoiding foreclosure doesnt result from ignoring the obvious and inevitable; this will only make it worse. Your best option is to get the most help you can and take advantage of the opportunity given to those who are willing to make some sacrifices to save their home and their families.
The possibility of foreclosure may make you unwilling to cooperate with your lenders but as pointed out above, you should in fact be open and allow them to help you. You can also help yourself by reading your loan documents in order to know your mortgage rights, and what your lender is allowed by law to do once you miss your payments. Every state has different foreclosure laws so you need to be informed about them as well. You can contact the Housing Office of your state to be sure.
