To avoid foreclosure, the first step is to deal honestly and openly with the facts. Call or contact your creditor as soon as you know you’re going to fall back on your payments. Lenders are looking for your money, not your house. You can avoid foreclosureif you are facing trouble in making house payments.
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In many cases your lender will work to help you avoid foreclosure. With foreclosures rising every day, the last thing most lenders want is another house to throw out. In the long term, the most legitimate lenders realize that helps you to avoid foreclosure will benefit themselves.
Lenders are not charities, however. They may look at the totality of the circumstances, including the prospect of long-term, the amount of the loan to equity, your payment history, etc., in a way that may speed up the foreclosure process.
In any case, it is important to inform your lender as soon as possible if you would like to help you avoid foreclosure.
To Avoid Foreclosure: Important Dates
The most important dates to keep in mind when it comes to be able to avoid foreclosure are the 16th day after the mortgage payment is due. Although the payment statement says you have until the 16th to avoid a late fee, what it really means is that you have up to 16 to avoid the onset of the foreclosure process.