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Tips for Preventing Foreclosure

The hardship letter is vital to the entire process of preventing foreclosure. This is where you get to state your case in an authentic and convincing manner.Preventing foreclosure is the only way you can stop your defaulted payment from taking over your life.

Some simple tips can go a long way in preventing foreclosure.


Get in touch with your lender IMMEDIATELY:
Myth #1: Lenders are like hungry sharks circling around you till they can chew you in whole. Wrong. The last thing lenders want is your house. They want periodic installments and will do anything to ensure steady cash flow.


Myth #2: Lenders stand to gain when they sell off your house. Face it. Lenders are not realtors. Besides, the foreclosure process is not a piece of cake for them either. They have to meet additional expenses like legal fee, repair costs, maintenance costs, property tax etc. Most of the times, the houses that lenders collect are dilapidated and the cost simply does not work out.


In short, if you see trouble in the horizon, contacting your lender is the first thing on the agenda. The more you delay, the more likely that youíll end up losing your home. Also remember that the first letters you get from your lender actually contain valuable information about preventing foreclosure. Do not throw these away.


Know your rights:

Most homeowners just do not know what their rights are and what will take place if they default. A thorough understanding of your mortgage rights is a must before you take any action. Only then can you have a clear idea of the options available to you.


Prepare your hardship letter carefully:

The hardship letter is vital to the entire process of preventing foreclosure. This is where you get to state your case in an authentic and convincing manner. Donít be too short or go overboard with it. State your problem in a simple manner. Type it so that it can be read easily. Attach relevant documents. Donít forget to include your alternative plan of action.


Have all facts and figures ready:

You will need an accurate listing of your expenses when you meet with your lender. Most people provide vague calculations. Loan mitigation cannot be worked out on such terms.


Budget your expenses accurately:

Thereís no escaping it. Cutting corners is the only way. You have to see what luxuries you can do without. Eliminate these so you can have more money for your loan payments and other pressing commitments.


Shop wisely:

If you decide to make use of the services of a loss mitigation specialist for preventing foreclosure, choose wisely. Do not fall for scams (there are a lot of them doing the rounds) or go for the first deal you come across. Contact the agency and evaluate their success rate and experience before you decide to hire them.


Losing a home to foreclosure has several devastating consequences. It rips your financially and emotionally. Furthermore, it is an ignominy that stays in your credit report for many yearsFree Reprint Articles, hampering your chances of landing a job or buying a new house. Preventing foreclosure is the only way you can stop your defaulted payment from taking over your life.


Source: Free Articles from ArticlesFactory.com

ABOUT THE AUTHOR


Prevent Foreclosure - 1st Foreclosure Prevention negotiates with your lender to lower your mortgage payments, avoid foreclosure and negative credit impact.



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