Mortgage Foreclosure Looming?

One thing that seems pretty consistent throughout the mortgage industry is, people facing the possibility of losing their home often do little or nothing to prevent it from happening. Many homeowner’s don’t even seem to be aware that they have options, while other are so distraught by their hardship, it’s difficult for them to look for ways to improve their situation.

If you’re facing a hardship and there’s a chance you could lose your home, it’s best to start educating yourself about the options that may be available to you. Homeowners are often able to buy more time in their home by working with their lender to postpone the foreclosure, pending a workout agreement. Many are able to avoid a foreclosure going on their credit. Some are able to work out an agreement with their lender that even makes it possible to keep their home.

You may be able to benefit from one or all of these scenarios; but you must take action to find out if you qualify. Contact your lender and request a workout package. Follow the instructions provided in the package and submit everything the lender requests to help them make an informed decision.

It really is in your lenders best interest to work with you because the cost associated with foreclosing is often much greater than the cost of helping you reaffirm your loan. But it’s up to you! If you avoid contact with your lender, they will assume the only option they have is to foreclose.

So take action by following the steps we’ve outlined here. If foreclosure is looming in your future, don’t just sit back and ignore the problem. Contact your lender. You’d be surprised, but they really do want you to keep you home if at all possible, and in most cases, are more than willing to work with you to do so.