Foreclosure Prevention

As soon as you miss that first mortgage payment, one of the first things if not the first thing on your mind is foreclosure prevention. You want to stop it. You know that you need to stop it but you are not sure how to do it. Here are a few tips to help.

1. Know your rights. You have legal rights during the foreclosure process. Some of those are: the right to cure the loan (get the payments current), the right of redemption even after your home has been sold at a sheriff's auction, the right to attend all hearings associated with the foreclosure process on your home. Speaking to a foreclosure attorney will help you understand what all of your rights are during the foreclosure process and can help you know what foreclosure prevention steps to take.
   
   

2. Do your homework. Educate yourself about what foreclosure means for you and how you can prevent the foreclosing. If foreclosure prevention is your main goal, you need to understand all of the different ways that you can prevent it. Some of these include selling your home, deed in lieu of foreclosure, workout arrangements with the mortgage company. Know and understand what all of your different options are before making any final decisions.
   
   

3. Start talking to your mortgage company. As soon as you miss that first payment, call your mortgage company and explain the situation to them. If you communicate with your mortgage company fully about why you can't make the payments, that will move you much further along on the road to foreclosure prevention. Because the bottom line is that the mortgage company does not want your home. They do not want to go through the hassle and legal expense of taking your home. They would much rather that you pay them your regular monthly mortgage payment or sell the home and pay them off. Keeping your mortgage company informed of what your financial situation is will help no matter what your situation may be.

If foreclosure prevention of your home is your primary goal, you need to keep a clear head and understand your options. The threat of losing your home is a very emotionally draining experience. Be sure to do what you need to do in order to take care of yourself during this time.

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