Help! I am Going To Lose My Home, How Do I Prevent Foreclosure?

If you have watched any television, listened to the radio or read the newspaper lately, you have probably heard that thousands of people around the country have lost their homes due to foreclosure. Many more people are working through foreclosure of their homes and many more are likely to be next. If you are one of the multitude of individuals who may have a foreclosure near at hand, going through a foreclosure or do not want to ever come close to having a foreclosure on your home, you will be pleased to know that there are several measures you can take to prevent foreclosure.

If you are currently in the process of handling a foreclosure, you still have time to prevent the foreclosure from happening. The foreclosure process is not a fast one by any means as there are specific steps that the lender must follow to file the foreclosure for your home. During the time that the foreclosure process is taking place, you can be taking this time to consult with a foreclosure negotiator or even a lawyer, depending on what route you wish to take. You can also simply commence negotiating with your lender and may be able to prevent your foreclosure in that manner. Discussing the situation with your lender is a good idea for many reasons. The lender might agree to simply modifying your home loan, which could prevent foreclosure on your home. If you can give the lender a good explanation of the hardships you have recently faced to put you into a position of foreclosure, the lender may likely be sympathetic to your story and will work to modify your loans or mortgages so that they are manageable. Loan modifications are also a great idea for those who are not experiencing a foreclosure, but feel that they might in the future.

Whether experiencing a foreclosure or not, as a homeowner, it is never a bad idea to seek out professional help for any serious questions or concerns you have about foreclosure. If you are experiencing a foreclosure, it is not a terrible idea to consult with a foreclosure negotiator or a lawyer. One of the best preventative measures that can be taken to avoid a foreclosure on a home is to always pay your home loan on time and even save up a little extra money if it is possible. Of course, these are measures that are most effective when done from the beginning, but any time is a good time to start.

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How Bad Is It If The Bank Forecloses On Your Mortgage?

Like so many people, you’re struggling to pay your bills. You’re realizing the mountain of bills is huge, and your income is much smaller. You’re having a terrible time keeping up with the mortgage payments; your bank has foreclosed. What will you do?

Knowing so many other people in society are also struggling, with the bank foreclosing on their mortgage, can lead you to believe that since so many people will be in your shoes it isn’t a big deal if you end up losing your home to the bank in mortgage foreclosure. Why worry about it? Why not just walk away and start over again? A fresh start is always good, right? Is a home foreclosure that big of a deal these days?

It’s All About Your Credit

If you walk away from your home, and let the bank foreclose, you have no mortgage, true. No more home repairs, no more mortgage insurance or property tax…no more house. You’ll have to find a new place to live. Moving isn’t cheap, and finding a new home can be hard and tiresome. What new place can compare with the old place you loved for so many years? It’s hard to say. Along with kissing your old house goodbye, you can kiss your credit goodbye, too. It will be gone history.

In our world, so much of our lives is ruled by credit. People are constantly looking up our credit report before they grant us a new credit card, or cell phone, or car loan, etc. When creditors look to see if you’re a good credit risk, they will see a foreclosure listed on your credit report. They’ll see that among so many other things both good and bad you walked away from your obligation to pay your mortgage. They’ll think twice before giving you a loan of any kind, whether for a new car, or a new credit card, a new cell phone contract, or anything. They’ll consider you a high risk. Your credit will be affected for years several years. It will be hard to get a new loan, whether for a house or something else.

So does it matter if you walk away from your home when the bank forecloses on your mortgage? Yeah, I’d say it does. Thinking of another option refinance, borrowing from someone, personal loan, inheriting would probably be better than the stain of foreclosure on your record.