Salvage Your Home With 5 Ways To Avoid Foreclosure

By Author: J.J. Yong
Total Articles: 963
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For those facing mortgage foreclosure problems and no idea of how to face this massive issue, worry not! Help is available for those who seek it, but make sure you are serious about saving your home! The results of recession have hit most of us badly, and many have failed to fulfil the mortgage payment agreement that we have agreed to when we first signed when we purchased our homes. This would result in us facing mortgage foreclosure issues, a situation that is not favourable at all. What can be done in order to save your home? Fortunately, there are many things that you can accomplish to either delay your home being auctioned away, or possible stopping foreclosure altogether and salvage your home. Let us look at five different ways to save your home:

1) Use a hardship letter to stop foreclosure and gain sympathy from your creditors. A well-drafted hardship letter can work wonders, while success is not promised, it could buy you valuable time for you to sort out your finances and catch up on late or missed payments. A well-written hardship letter would explain your current financial problems, and why you have not been ...
... able to pay your monthly commitment amounts. If you are lucky, the creditors might consider approving an extension for you to catch up on your payments.

2) Forget the idea of ever moving out of your home, even while the foreclosure proceedings are underway. Not being in your own home makes you ineligible for homeowner benefits such as the FHA mortgage insurance to name one, thus ensure that you never leave the comforts of your home!

3) Keep a complete record of all your monthly mortgage payments by preparing a good payment record list. Always put your mortgage payment as first priority, and put the other payments such as vehicle loan, credit card payments and personal loan payments below the home mortgage payment until you are comfortable again financially. This is the wisest way to save your credit rating, as facing foreclosure would severely damage your credit rating.

4) Avoid procrastination when it comes to payments, and do not wait to receive a foreclosure notice from your creditors if you are having trouble servicing your mortgage payments. If you are indeed in financial difficulties, make sure that you let your creditors know of your current financial situation, as well as actions that you are taking to address the issue. Letting your creditors know would be an efficient way to avoid foreclosure proceeding from taking place against you and your home.

5) Make use of the several debt management companies out there to help you manage your debts and service your mortgage payments properly. Always remember to check the legitimacy of the debt management agencies that you are dealing with before you sign up with them however, as there are plenty of hoaxes and scams out there. With these debt management plans, you would be able to combine all your debts into one, and you would be charged lower interest rates for the consolidated loan. An effective, yet simple plan to put an end to your foreclosure woes!

Stop foreclosure now by making full use of the pointers and tips above. Decide on which one that suits you best, and ensure that you apply them in the best way possible so that you can save your home! All the best!
Find out more information about government help to stop foreclosure and how to stop foreclosure via StopForeclosureReality.com.