You can do some simple things that will help preventing foreclosure and let you keep your home. One of the best things to do is to make sure you let your mortgage company know you are in trouble.
It is important to contact them before you even miss that first payment and to be honest with them about your situation. This is the best time to talk to the mortgage company and let them know you do want to stay in the home and you are willing to do whatever it takes to make it work so they will work with you.
If you find yourself unable to make your mortgage payment, you are probably ashamed and embarrassed and you don’t want to talk about it with anyone especially your mortgage company. However, there is no other choice but to talk to your lender and try to convince them to work with you on a plan to repay your mortgage and help prevent foreclosure.<(p>
Most lenders will work with you to some extent and perhaps give you a forbearance, reduce your interest rate or modify your loan in some other way that will allow you to start to repay your mortgage and to help preventing foreclosure.
Help Preventing Foreclosure With a Short Sale
Some people are in a situation wherein they owe more on their mortgage loan than they could actually sell the house for so their best option to help prevent foreclosure is to get their lender to let them do a short sale. This is a good solution for anyone who does not want to try to keep the house and wants to do what they can to get their finances straightened out.
This is not an easy thing to do, though. The lender will require a lot of paperwork from you, you need find a person interested in buying the house and the short sale may not net you enough profit to pay your outstanding mortgage amount.
Help Prevent Foreclosure By Adjusting Your Spending Habits
Another way to help stop a foreclosure process is to do whatever it takes to change your spending habits so that you are able start saving the money you need to pay your mortgage. This is one of the simplest ways to help avoid foreclosure and it may not be as hard as you think. There are probably a lot of things you could cut out of your budget that would allow you make your mortgage payment and prevent foreclosure.
There is also a way to get foreclosure help, which is to go through a government program. The government has gotten involved with the effort to help preventing foreclosure since it is becoming such a big problem across the country. A lot of the government programs are run by the Federal Housing Administration and are in place to help homeowners in trouble.