6 Steps to Avoid Foreclosure: 4-6

It may be hard to believe that the lender holding your mortgage does not want to take your house, but in more cases than you can imagine, that is true. Lenders know what the market is like right now. They do not want to try to sell a home that has gone through foreclosure. More likely than not, your lender is willing to help you, you simply have to be honest and up front about your financial situation, as we saw in the first three steps essential for avoiding foreclosure. Now we have steps four through six as well, for some extra help and added advice.

Step 4: You have got to be realistic. Even a payment play is probably only going to be a temporary fix. You cannot rely on your lender’s understanding indefinitely. If he or she is willing to work for you on this, then it will be your responsibility to work with your lender as well, and do all you can to get your home loan out of default, or else sell your home.

Step 5: Thus, you have to create a plan to rectify this situation. You may need to garner some extra income … or start talking to real estate agents.

Step 6: Make sure you stay in touch with your lender. Keep him or her in the loop. That will be better for you in the long run, especially if you show you are making an effort.

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