Facing Foreclosure?
6 Ways to Keep from Losing Your Home Today or Tomorrow

1. Be Prepared To Tackle the Situation Head-on.
Running and avoidance are not the ways to deal with this problem. Lenders WILL catch up to you and once they do, you may find yourself in an increasingly difficult situation

2. Do Not be Afraid to Ask for Help From Others.
Remember that you are not the only one who has had to deal with this situation- in fact, according to an article published on July 30, 2007 by the Associated Press, there were 573,397 homes that reported foreclosure activity, which includes receiving notices of default, auction sale notices or being repossessed by lenders. This number is up 58% from the first six months of 2006. Swallow your pride, realize that there are hundreds of thousands of others in your position and begin the necessary steps to get back on track.

3. Try to Work With Your Lender to Come up With a Solution
A lender does NOT want to foreclosure on your house- they would much rather keep earning your interest payments then have to take your home or possibly lose money in a short-sale situation. Explain your current situation and your desire to work with them. Your lender may be more willing to work with you if you let him know of the situation sooner rather than later. Options like a repayment plan or loan modification might provide you with some breathing room and allow you to keep your home while you get caught up. Another option, called a “short sale,” lets the lender sell your home for less than the amount you owe, keep the proceeds and then forgive your remaining debt. Go over all of your options with your lender and work together to choose the one that best fits your current and future situations.

5. Take a Look at Your Finances in the Bigger Picture.
If you are in danger of losing your home, chances are your finances may not be in line in other areas. It may be important to make sure any other financial obligations you have are in line and not let them go neglected as well.

6. Take Steps to Rebuild Your Future.. AND START BY MEETING WITH A FINANCIAL ADVISOR.
Being faced with this challenge will most likely open your eyes to see that this kind of situation could happen to anyone. Loss of a job, unexpected medical bills, declining property values- any number of factors could add up to the danger of foreclosure. Now that you have emerged from the situation, use the experience as a learning tool and start to take steps to ensure that you won’t be in that position again. Meet with a financial advisor to set up a spending and saving plan for your future. You may want to call a nonprofit credit counselor to help your begin to rebuild your credit, although beware of the “fast and easy” companies that want to charge you large fees. Being prepared for those unpredictable life moments can save you from another foreclosure scare.