The only thing worse than feeling helpless is realizing you missed an opportunity while there was still hope. Late or missed mortgage payments due to a reduction of income, unforeseen expenses, or other economic adversities do not have to be catastrophic for you and your family. Even if you have received a notice or are already in foreclosure, taking steps to try to curtail the process are still worth the effort.

Not only could you prevent the loss of your property, you could save thousands of dollars in legal fees your lender will apply as a result of foreclosure. You have nothing to lose by trying to prevent the damage to credit histories and financial futures foreclosures result in. Since foreclosures typically take a minimum of four months from the time the lender begins the process to completion, chances are you still have time to act.

Let a careful consideration of the options available to help home owners in trouble be your first step.

The first action to take if you are having difficulty or are unable to make your mortgage payments is to contact your lender or Mortgage Company immediately. Avoiding discussions about your situation cannot work to your advantage. Mortgage lenders are not in the business of owning and selling property: they lend money in order to receive interest payments on their loans. It is likely your lender wishes to avoid the foreclosure process too, and will much prefer working with you to receive payment on their loan.

Be sure to have all information about expenses, debt and income at hand when you call your lender. Explain the details of your predicament and convey a sincere desire to reach a satisfactory resolution to the problem. Most likely you will be seeking a temporary adjustment to your payment schedule. Keep a log of all contacts you have with your lender, both verbal and written. Make any written communications clear and concise, and avoid making promises you cannot keep.

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Preparations Make the Difference CLICK on a Topic to Learn More
Additional resources will appear on related pages

Foreclosure Prevention:

• Can I refinance?
• Scams Revealed
• The First Step:
• What if I Can’t Refinance?
• Avoid Foreclosure by Selling

Selling Your Home:

• The First Step
• Become a Savvy Seller
• Realtor or FSBO?
• Pricing the Home
• Your Home’s Value
• Showing the Home

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