First of a Series: Prevent Foreclosure

Here is our first installment of the new site series we did about Foreclosure, how to prevent it and how to find the best deals if you are looking to buy a foreclosure property:

Prevent Foreclosure. The Necessary Steps
by Sean Roberts

Going through the process of buying your new home, you did
just as a lot of other people did: You signed without
reading all the fine print. Really, who wants to take the
time to read all that fine print? Not many of us. First, you
need a magnifying glass or microscope just to see it.
Second, unless you have a law degree, you are not going to
decipher it anyway! You are not alone; Most people sign that
bottom line without fully understanding what they are
signing. Maybe just like you, these people now find that
after their initial period, their rates have shot up, their
payments have skyrocketed accordingly, and they can no
longer afford to make their house payment. They are looking
into the face of foreclosure.

If you are facing foreclosure, which means the bank is
coming to repossess your home, there are some things you can
do. In most of the cases, foreclosure happened because of
shady lending business practices. You should have been told
what you were signing. But that's all in the past. You must
work on securing your future.

Contact Your Bank or Mortgage Company

One of the first things you should do if you're facing
foreclosure is contact your lender. If your lender is a
bank, contact the bank and ask them if there's any type of
arrangement you can work out. You must realize that banks
don't like to conduct foreclosures. They would rather have
you stay in the house and make payments so they will do all
they can to make things work.

When a bank goes through a foreclosure, they risk that the
house will not sell quickly and will remain empty for a long
time. Then, when they do sell the house, they usually get
far less for it than if you had stayed and continued paying
on it. Don't be afraid to ask them for help if you have
fallen on hard times. Remember, you are not alone, and it is
likely they will work with you.

Contact An Attorney

If you've been the victim of lending fraud or shady business
practices, you may have a case that you can take to court.
Contact a lawyer and see if one will help you. Lawyers can
be very expensive and most would think, "If I can't pay for
my house, how am I going to pay for a lawyer?" While this
may be true, some lawyers will work on contingency on your
case, which means they won't charge you unless there's a
settlement or a judgment in your favor. It's worth a try so
that you don't have to go through a foreclosure.

Don't Run Away From Foreclosure

When facing foreclosure proceedings, the best advice anyone
can give you is not to run away or skip out on your
obligation. You not only are in danger of ruining your
credit rating for a long time, lenders will be less likely
to trust you in the future. Besides that, you will have no
place to go and will be out on the streets. Do everything
necessary to avoid a foreclosure. Make the effort to call
the bank, lender or mortgage company, or call an attorney if
you think you have a case involving fraud or deception.
Don't let your pride get in your way. Ask for help from your
church or local charity that helps people in financial
difficulty. You are not alone in facing tough times, so do
what you can to ensure that you do not lose your home to
foreclosure. Part of the 'American Dream' is owning a home.
Just be sure you do not needlessly let that dream slip away.

Be sure to check out the Foreclosure web site to see more articles by Sean Roberts, tips, links and resources on the subject. You can go there by clicking here: FreeInfoDepot.com/Foreclosure
You can also check out our main URL for other subjects we have researched by clicking here: FreeInfoDepot.com