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Making Foreclosure Prevention Work For You

Jan 30, 2008
No one gets through life without having to face the consequences of his or her behavior. The manner in which we meet our responsibilities is the decisive factor in how pleasant or unpleasant those consequences will be, and failing to meet those responsibilities, whether they beat home, on the job, or in our communities, will produce some very unpleasant consequences. This is especially true when we cannot meet financial responsibilities.

If your financial responsibilities have become so burdensome that you are falling behind on your mortgage payments, the consequence could very well be foreclosure. But it does not have to be; there are methods for escaping foreclosure and if you research foreclosure prevention you may find a way out of your trouble.

Action Is Key

You should waste no time, after you realize that you are struggling to keep up with your mortgage payments, in acting. The first step you should take in foreclosure prevention is to face the foreclosure notice when it arrives, and consult a foreclosure prevention specialist. You will gain nothing by pretending everything is fine. Doing so, in fact, is the fastest way you have to bring financial disaster into the lives of you and your loved ones.

You can look of foreclosure prevention help online, researching foreclosure attorneys in your area to consult. But keep your eyes open for foreclosure prevention scams, which have risen in direct proportion to the soaring number of foreclosures in the US. You could be taken in by a fraud which will strip you of both your cash and your home, while leaving you still stuck with a foreclosure proceeding and wrecked credit.

In the Equity Skimming scam, a stranger will present you with an unsolicited offer to find a buyer for your home before it goes into foreclosure, contingent on your transferring your title to the party making the offer. Once you do so, and leave your home, it will be rented out for a while, as the person now holding the title collects the rent, and then abandons it without ever looking for a buyer. You have been robbed of your home, but are still liable for the mortgage.

Look For Debt Counseling

You can get foreclosure prevention assistance from debt counseling services, who can work to help you get a modified payment plan, advise you on refinancing or selling your home, or recommend a private lender who may be willing to help you. It is not at all unusual for a bank to be willing to work with a homeowner on foreclosure prevention, because no bank wants to end up having to pay to maintain and insure a foreclosed property while it sits empty.

Know Your Rights

There are measures in place to serve as foreclosure prevention for you as a homeowner, and you will do yourself a big favor by learning what they are when you buy your next home. If you are offered the option of forbearance, recasting, or loan term modification based on the amount of equity you have built up in your home, give it your full consideration. You will have to live with the consequences of your decision, so it's your responsibility to make sure the decision you make is well-informed.
About the Author
You can also find more info on foreclosure properties and bank foreclosure. Foreclosureshomeguide.com is a comprehensive resource to get help about property Foreclosures.
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