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Avoiding Foreclosure

April 23, 2012 | Comments: 0 | Views: 159

Foreclosure is a dirty word that makes any homeowner cringe in today's economy and housing market. Although many people have suffered the fate of losing their home to foreclosure due to unavoidable economic and financial hardships, there are a few ways to minimize the risk this happens to you. Whether an impending foreclosure is due to lack of planning, overspending on a home or losing one's job, there are always options that can be tried.

Know Your Options

If you have yet to buy a home you are in a unique position to set yourself up for successful home ownership. One mistake people often make is overspending on their dream home, rather than buying within their range. Even if you can afford the mortgage now the question is, would you still be able to afford that home if you lost your job? Remember that buying a home should be about making a good investment, which means keeping that investment even when times are tough. Make sure you have a manageable mortgage payment or at least enough money saved to help support your payments if you were to lose some income.

If you are currently in a home your time isn't up for preparing for a financial disaster. If you are current on your payments then begin to plan for increasing your savings account or creating a special mortgage payment fund that can be accessed in the event of an emergency. It can take the average person 6 months to regain adequate employment after a lay off or medical condition. Therefore, a good rule of thumb is to be able to support a mortgage payment for a few months or until you can negotiate with your lender.

If you are behind on your mortgage payment, or think you may soon miss a payment, there are options for you too. Although rarely advertised, lenders do offer several ways to resolve mortgage debts and avoid a foreclosure. The trick is knowing which option is best for you and whether or not you qualify for the assistance. Loan modifications and short sales are the two most commonly pursued options by homeowners, but they may take some convincing to gain approval. The federal government also has several programs available to help you resolve mortgage troubles and negotiate with your lender.Even if you have already received a foreclosure notice, you still have options available to resolve your troubles. However, time is of the essence now. Contact a foreclosure attorney right away to find out how to halt the foreclosure proceeding while you are negotiating with your lender.

Christopher Lee, of Lee Law Firm, understands that financial hardships can affect honest, hard-working people. His early experience growing up in a very blue collar family in a rural area of Indiana, made a significant impression on his business philosophy today. As a child, he watched his family struggle as money didn't come easy and his parent work hard to provide for their family. As a foreclosure Dallas, Tx attorney his practice has given him the opportunity to directly impact the lives of many people.

Source: EzineArticles
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