Foreclosure is a very real risk for a long of homeowners right now. Avoiding Real Estate Foreclosure is important! If you have ever gone through it yourself, even if you have ever known someone who has gone through it, you know that it is devastating and emotionally draining. As such, it is imperative that you do everything you possibly can to avoid this — at all costs. Fortunately, that is not as difficult as it may seem to be right now. There are six essential steps you can follow to make sure that you never have to go through a foreclosure. Here are the first three.
Step 1: You need to begin by analyzing your entire financial situation — honestly. You need to calculate exactly how much money you can afford to pay on your home.
Step 2: You need to talk to your lender. If you have to, talk to someone in your lender’s customer service department. Be honest here as well, and tell the complete truth about your entire financial situation. Believe you me, your lender does not really want to take your house from you.
Step 3: See if you can negotiate some kind of compromise with your lender. Try to work out a payment plan.