Avoiding Mortgage Foreclosure By Utilizing 5 Simple Steps

By Author: J.J. Yong
Total Articles: 963
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Facing mortgage foreclosure and wondering how to stop foreclosure from driving out to the streets? Many face this dilemma in the current testing economic times, and have tried many methods to save their home, to no avail. If you are looking at ways to stop home foreclosure, you have definitely come to the right place. With the right methods and steps, you could most probably save your home for at least a year or two until you get your finances sorted. Let us look at five simple steps for you to avoid mortgage foreclosure and salvage your home:

1) First and foremost, no matter what, do not move out of your current home during foreclosure proceedings. If you do so, you would lose many home-owner benefits and advantages such as the one-time FHA mortgage insurance among others. Stay indoors, and work on solutions to save your home.

2) Prioritize well. If you have fallen back on your mortgage payments, work on a personal solution to help you catch up on the payments, and it would also be helpful if your creditors are aware of your current financial situation. Push all other payments below your house payment, and make ...
... sure that you catch up on your house payments as soon as possible before your resume paying for other bills and expenses.

3) Seek help from debt management companies and credit counselling agencies. They would offer good and valuable advice on how you could tackle your problems, and would probably suggest a few alternatives for you to take up. Remember to check on the legitimacy of the agencies however, as there are plenty of scams rampaging out there.

4) Negotiate with your creditors. This could be done with a face-to-face meeting with them, or by utilizing a Hardship Letter. A well-written hardship letter could do wonders for you as it could eventually mean salvaging your house for yourself. In your letter, make sure that you explain clearly why you have struggled to cope with your payments, and is possible, work out a deal to postpone your payments, or even re-negotiate your terms to probably lengthen your duration and lower your monthly commitment payments.

5) Utilize government help to stop foreclosure trouble, this could be done through President Obama's Mortgage Modification Plan, or by opting for several other programs that offers refinancing services for your home. This is a proven option, and has helped many to salvage their homes.

Utilize the five simple steps mentioned above, and watch your foreclosure troubles leave you in no time! All the best!
Find out more information about stop home foreclosure and hardship letter to stop foreclosure via StopForeclosureReality.com.