3 Simple Tips for Foreclosure Prevention

Foreclosure prevention is more about you and what you decide to do than it is about the mortgage company. Of course it helps to have a mortgage company that is helpful but ultimately, saving your house from foreclosure comes down to you and the choices you make.

Foreclosure prevention tip 1: One of the best techniques for foreclosure prevention is to stop the process before it even starts. How can you do this if you know that your mortgage payments have become something that you cannot afford? One of the best ways is by talking to your mortgage company. You might be able to get the mortgage company to delay starting foreclosure if you just talk to them. Ignoring the mortgage company is one of the biggest mistakes that you can make when you know that you cannot handle your mortgage payment. Call them and see what they can workout with you.

Foreclosure prevention tip 2: Swallow your pride and ask for help. This can be a difficult one and was one of the hardest things for me to do when I realized that I was going to lose my home to foreclosure. This includes family, friends and yes, even complete strangers. Pouring out my financial story to a stranger at a consumer credit counseling service was not high on my list of things that I enjoyed doing. But it helped. They helped me see things that I would not have otherwise been able to see on my own. The insight of a stranger who is not emotionally connected to your situation can be one of the best things you can do to help you in foreclosure prevention. They take a look at your entire financial situation and give you valuable feedback on what your options are.

Foreclosure prevention tip 3: Find out what rules and laws govern foreclosure for your state and county. This gives you a better idea of what you are really facing and what your options are at the different points in the process. There are rules and laws that your mortgage company needs to follow during the foreclosure process. The more informed you are about what those rules and laws are, the better prepared you are for every step in the process.