How to Avoid Foreclosure by restoandre

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									How to Avoid Foreclosure

Foreclosure is a very stressful ordeal. Many homeowners that are facing
foreclosure often avoid dealing with the facts that put them into this
situation in the first place.

While there are some home owners that knowingly engage in mortgage fraud
and never intend on making a single payment, most homeowners are honest
people who have simply been caught in unfortunate circumstances.

Many homeowners facing foreclosure have made payments faithfully for
years, but they find themselves in a situation where they are simply
unable to make the payments anymore.

There are numerous reasons why home owners can be facing possible
foreclosure. Job loss is one of the most common. Having a sudden
illness or medical emergency can also be a reason for not being able to
make house payments on time.

There are other extenuating circumstances, such as divorce or the
inability to pay an interest rate that has increased. No matter what the
cause for the situation, there are several steps you can take in order to
avoid foreclosure on your home.

The best defense is a good offense. Don't ignore the situation. Don't
just toss the letters from the mortgage company into the garbage and
avoid phone calls. If you know that something is happening and that you
will be unable to pay your mortgage payments on time, the very first
thing that you should do is call your mortgage lender.

The second thing to remember is that your mortgage holder does not want
to foreclose on you. Most mortgage lenders want to work out some sort of
payment schedule so that you can keep your house and they will be able to
get their payments.

Be honest with the mortgage company. Let them know what your situation
is and when they can expect to have a payment. Your main goal is to keep
the mortgage company from filing a Notice of Default. If a lender files
a Notice of Default, your options are severely limited, so you need to
take control of the situation and make the first move towards finding a
resolution.

By contacting your mortgage company in requesting time to make up the
payments that you have missed, you'll be well on your way towards
avoiding foreclosure.
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Word Count: 378

								
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