Stopping foreclosure might not always be possible, but if you do nothing at all, you will definitely not be able to stop it.
If it is the difference between keeping hope alive, and keeping your home, or just giving up and hiding, choose to be more pro-active if you think you are in danger of foreclosure.
There are many different things that you should consider when attempting to stop a foreclosure. First of all, remember that it has happened to many other people besides yourself. It does not make you stupid, or a bad person, it just means that you need help. You need a reality check, and you need a plan on how to deal with foreclosure.
If you are at least three months behind on your monthly mortgage payments then you are definitely at higher risk of losing your home and there probably will not be anything you can do if you choose to wait until then before ever attempting to be proactive in any way.
If some extra bills have come up and you are already thinking that you might possibly have to put off paying your monthly mortgage payment, go ahead and give the mortgage company a phone call. By taking action before something happens, just when you suspect that it may, you are being proactive.
People who end up in financial trouble for whatever reason who are on their toes are typically the ones that can and will prevent foreclosure on their home.
You must be assertive in trying to make arrangements with your mortgage company because if all you do is sit around and cry about being behind on those monthly payments, they are not ever going to want to speak with you about anything.
Trust me, as unbelievable as it may sound, the mortgage company truly does NOT want you to lose your home due to foreclosure. They really don’t want an empty house that they can’t sell, or will have to sell cheaply. They want regular monthly payments coming in, especially all the lovely interest you are paying them!
Maybe they should have possibly used better judgment whenever they were approving you for any type of mortgage loan and letting you purchase a home through their lending company. They are normally very willing to speak with you to try to work out some sort of solution.
There is no reason at all for you to just wait around for them to call. You can and should make the first move. That will look really responsible to them and they will absolutely take note of that responsible behavior and pro-active attitude, and will more than likely allow you to tell them the entire story as to why you were late on your monthly mortgage payments.
Once you have discussed your difficult circumstances with them, and hopefully some sort of plan for what to do to make up the arrears, and how soon you think you can do this realistically, story with them, chances are they will take your suggested payment plan seriously.
If you suggest you will get a second job, or your wife will go back to work part-time, or you show them a well-thought out household budget that you will stick to, then changes are they will be willing to work out some type of payment arrangement with you, often right on the spot so you can avoid foreclosure.
It does not always work out, but being pro-active is going to get you much closer towards preventing foreclosure than just giving up.
Remember, whenever you are planning a budget, make sure you take care of the most important aspects first–housing, utilities, food, car if you really have no other means of getting to work and tending to your shopping and so on.
Everything else is OPTIONAL, including credit card payments. Can you get some wiggle room there? Get a lower APR on the cards you do have?
A good sound budget may mean tightening your belt for a number of months, but it is better to do whatever you can NOW to possibly stop foreclosure, so that you won’t lose all the equity you have in the home, and lose everything you have worked so hard for throughout the years just because you have hit a bad patch.
For more information on foreclosure and what you can do to be more proactive about stopping foreclosure, visit:
http://www.hud.gov/foreclosure/index.cfm
