Tips for avoiding foreclosure

Here are some tips for avoiding foreclosure. The following are some key steps to take in order to save your home.

1. Don't panic. Depending on where you live, the foreclosure process can take up to 1 year.


2. Stay in the home. Why? For one, you save lots of money by staying in the house and not paying rent or incurring moving expenses.
   Your moving out will not stop the foreclosure process anyway. It will not reduce the amount of money you owe. It will not stop the lender from calling you. The house is yours. The lender can't do anything with it.
   
   Even if nothing you try works and the foreclosure process goes through, you don't have to move out of the house until after the house is sold at auction, which could be many months away.


3. Call the lender's loan loss mitigation department, right away. This department is set up by each lender to help them avoid the foreclosure process. The best way to get this number is to call customer service and ask them for it. Once you are late with your mortgage payment, you'll probably get a letter from the lender with this number.
   
   The government has also set up a process to help you resolve your situation and also has tips for avoiding foreclosure. Click on this link for more information on how to get Stop foreclosure assistance from the government


4. Keep in mind that there are other things you can do besides walking away. You may be able to renegotiate the loan amount and/or the interest rate with the lender. You may be able to get the lender to offer forbearance where it holds off on beginning the foreclosure process for a period of time. Click here to learn about forbearance,
   
   Given enough time, you may be able to sell the house. You may also be able to do a short sale on the house. Click here to learn more about short sales,
   
   If there's equity in your house, you may be able to sell that equity to an investor. Lately, many scams have been perpetrated by unscrupulous investors, but there are still many legitimate investors who will deal with you honestly. We are working on a list of investors who'll be forthright and honest. We'll put that list here as soon as we can.
   
   Finally, you may be able to give a deed in lieu of foreclosure to the bank. Click here to find out about the deed in lieu of foreclosure to the lender.


5. Also, keep in mind there are many lenders out there offering loans to stop foreclosure. Although many of these loans may have excessive fees, you may find that's useful for your purpose. Click on this link to look at getting a loan to avoid foreclosure