Useful Tips On 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.