Why You Should Take Action Immediately If You Are Facing Foreclosure

By Author: Nick Adama
Total Articles: 197
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If you are a homeowner trying to stop foreclosure, it can be a stressful time. A time filled with worry and wonder of what to do. Again and again people push the worries to the back of their mind, hoping that their problems will just go away. Unfortunately, this is not the case, in fact it is making a bad situation worse. If you are in foreclosure or avoiding it, you need to act now and not wait another minute.

Many homeowners, who are having a economic hardship, believe that it will get better and tend not to worry about their debt and the risk of losing their home. The problem is the bills will keep piling up; the debt and late payments will also keep growing. The first step is to talk with your creditors and lender, do not keep them in the dark and let them know you are having financial difficulties. Hopefully the people your borrowed from and other lenders will be able to offer you some options and assistance.

After a couple months of not paying your debts, you will start getting the harassing phone calls and letters, from creditors asking where their money is. If you haven't already told them that ...
... you are having financial difficulty, tell them. The next step is to prioritize your bills, especially if you have any money coming in. You need to know which bills must be paid and what can be put off. If the most important thing is to keep your home from foreclosure you need to put your energy on that. Possibly putting off other bills, so you will have the money you need to keep you mortgage payment up to date.

As you keep putting some bills off, expect to see more letters and phone calls threatening court action and sending collectors to you. If you haven't spoken with your main creditors yet, you need to do it now and tell them what is going on. Make sure by this point you have spoken to your lender if you want to avoid foreclosure.

Do not tell you creditors that you agree to pay them a certain amount and then forget to do it. This will just get followed up with more phone calls from credit companies asking for immediate payments. If you do this to your lender, you will be served foreclosure notice by certified mail. It will be issued by the sheriff and will be the commence of legal action against you. This will mean you're officially being foreclosed on, but getting support is still possible. It will just be more difficult, than if you had done it at the beginning.

Don't end up like most homeowners and do wait to long about avoiding the foreclosure. Most do not try to talk with with their lender, not realizing if they had, they may have avoided the foreclosure before it even started.

Remember your main goal is to take action at any sign of financial problems. If you forget to take action you will forfeit your home to the mortgage lender and be foreclosed on. You can help yourself avoid foreclosure by the effortless step of taking action.
Nick writes for the ForeclosureFish website, which gives homeowners the advice and resources they need to avoid foreclosure on their own and fight back against the bank's lawsuit. The site describes various solutions to save a house, including foreclosure loans, deed in lieu, loan modification, stopping a trustee auction, bankruptcy, and more. Visit the site on the web to read more about how you can avoid losing your house, repair your credit, and establish a long term financial plan once a temporary financial setback is over: http://www.foreclosurefish.net/