Save Me from Foreclosure

Save Me from Foreclosure
One of the most terrifying things that can happen to a
homeowner is foreclosure. It is a scary thought and one
that many homeowners would do anything to avoid. If you are
saying, "Save me from foreclosure!" this is the article for
you.

Before we talk about how to save you from foreclosure,
let's talk about what a foreclosure is. A foreclosure is
when the homeowner is continually missing mortgage payments
and the lender repossesses the property. It is bad enough
that you lose your home, but your credit rating gets
severely damaged. These reasons are why you should avoid
foreclosure at all costs, and here is some things to help
you do that.

The first thing you need to do when having problems paying
your mortgage is communicate with your lender, tell them
what the situation is. You may qualify for assistance or
the lender can recommend a loan that is more suited for
you. You could also work with a housing counseling agency.
HUD, or Housing and Urban Development, can recommend a good
agency in your area.

Some of your other alternatives are temporary suspension of
mortgage payments, a special repayment plan, or a mortgage
modification. Choosing which of these is right for you
depends on your financial status and will require you to
provide proof of your debt and income.

If none of these options are working for you, you can
choose to do a pre-foreclosure sale. This allows you to
sell your house for a lower amount than you have left on
your mortgage. You will of course still have to pay the
remainder of your mortgage loan, but you will be able to
save your credit rating from foreclosure.

The final option is you can pay your lender the deed of
your house to avoid foreclosure. Again, you lose your
house, but you avoid foreclosure which would seriously
affect your credit rating.

When deciding which of these options you qualify for, it is
important to talk to a professional. You should never sign
any paperwork that you do not understand and get everything
in writing.

Foreclosure can seriously hurt your credit rating and
should be avoided if at all possible. If you do any of the
options that have been listed above you should be able to
avoid foreclosure and save your credit rating. You can
successfully avoid foreclosure and stop saying, "Save me
from foreclosure!" if you are smart and choose the right
option for you.

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