AVOIDING FORECLOSURE
When you purchased your home, you no doubt had every expectation of making your monthly mortgage payments until you either paid the house off or sold it. Unfortunately, unforeseen disasters and tragedies happen to everyone from time to time, and it can be difficult, even seemingly impossible, to plan or prepare for them.
If you find yourself in an unexpected predicament concerning your home mortgage payments, you need to take prompt action. Putting things off and hoping they will somehow work themselves out will not accomplish anything.
If you don't take action within a certain period of time, your alternatives will begin to disappear. The worst-case scenario is foreclosure—what happens when your mortgage lender repossesses your home, forces you to move out and sells your home to try and recoup some of their financial losses. If the lender sells your home for less than the amount of your loan, you are often still liable for the remaining debt.
If you are involved in a foreclosure, it is reported to the credit bureaus and will haunt you for years, narrowing your chances of acquiring a decent home loan in the future.
Foreclosure should be avoided if at all possible. Here are some things you can do to avoid going through one yourself. |
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