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Posted: 2005-09-06 / Author: Gerry Vandewall

How To Avoid Foreclosure

Unfortunately, everyone runs into a time of life when money is tight and juggling finances is a serious challenge. For individuals owning a home, they could be in a position of having the home foreclosed for lack of payment.¬ If you have found yourself in a compromising position but desperately want to do what you can to save your home, the good news is that avoiding a foreclosure is possible if you know how.

A foreclosure means that the mortgage company or lending institution for your home can take it back to resell if you fall behind on payments. When this occurs, you have several options.¬ First, you can go through a process to keep your home.¬ Second, you can sell the home on your own and then pay off the loan plus any fees.¬ Third, you can allow the home to go through foreclosure where they sell the home and you are responsible for any difference between the price the house sold for and the payoff balance.

If you fall behind on payments and begin to receive letters from your mortgage company, most importantly, NEVER ignore them.¬ Instead, call the number provided on the letter and talk to a representative, explaining the reason why you fell behind.¬ Just as with you, the mortgage company wants you to keep your home.¬ After all,¬ foreclosure is a hassle for them, expensive for them, and not something they want to do.¬ Therefore, they will usually work closely with you to provide all possible options.

A Special Forbearance involves the mortgage company providing you with a temporary reduction or even a suspension of your monthly mortgage payments.¬ If you have recently lost your job, had a reduction in income, or your living expenses have increased unrepentantly, this option may be ideal.

Another option is a Mortgage Modification.¬ With this option, your mortgage is refinanced or the term of your loan extended.¬ The way this program is designed, you have an opportunity to become caught up on payments.¬ A Partial Claim is another possibility whereby your mortgage company would help you secure an interest free loan from HUD, which helps you bring your mortgage to a current payment status.

Remember, if you fall behind, rather than worry about foreclosure, talk to your mortgage company to see what programs you would qualify for so you can stay in your home. Never ignore the problem, because you likely have several viable options to fix your foreclosure problem.

Gerry Vandewall is a foreclosure consultant and owner of">Foreclosure OK, a top Internet site for everything about foreclosure. For questions or comments about this article, go to

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