I have personally gone through the foreclosure process. I lost my job and, financially, things were bad. It took a few weeks before I decided, enough is enough. I did the proper research, gathered the paperwork, and talked to the right people. My efforts resulted in me saving my home from foreclosure, and it was much easier than I expected.

Right now, millions of homeowners are threatened by foreclosure. Due to whatever reason, loss of job, loss of income, bad mortgage, or whatever, losing a home to foreclosure is a very real thing happening to many people right now.

Are you in foreclosure right now? Perhaps maybe you have missed some mortgage payments, or maybe you lost your job and finances look bad for the future. Are you getting calls from your mortgage lender or bank asking when the payments are coming in? Or maybe those calls are over and now the threatening calls are coming in. These calls inform you about a time frame in which you must act in order to prevent foreclosure. Then you get the worst calls, that you home is indeed being foreclosed on.

If you are currently in foreclosure, or are concerned about being in it, there is things you can do. Do not ignore phone calls and letters from your mortgage lender, Nothing gets them more irritated then ignoring them. The fact is they will usually work with you if you are having financial problems.

If for whatever reason you are unable to make mortgage payments, and do not want to get closer to foreclosure, or further hindered in the foreclosure process which has already begun on your home, do not ignore this problem! The more behind in payments you are, the harder it is to get your home back after a foreclosure has already started, and odds are you will lose your home.

As soon as you are aware that you are having financial problems, contact your mortgage lender as soon as possible. Most mortgage lenders are not interested in taking your home, they want you to pay monthly and they will collect on the interest. There are plenty of options available to help homeowners when there are experiencing financial hardships.

Be sure to respond to all mail you receive from your lender regarding your home loan. Typically, their will be some notices in the first few bills about how to help prevent foreclosure. Further down the road, the mail will contain legal documents and notices of the impending legal action. Not opening this mail does not exclude you from being foreclosed on.

It is also very important to carefully read through you loan documents and understand your rights. This way if you are unable to make a payment you can see the consequences and maybe what your lender can do to assist you. Laws about foreclosure and the time frame it must be done in vary from state to state so check with your local authorities.

Truth be told, the mortgage foreclosure laws and rules work just as much for you as they do a mortgage lender. A lot of homeowners are unaware of this fact and a lot of mortgage lenders prey on the fact most people do not fully understand their rights regarding foreclosure. However, you actually do have very powerful options at your disposable in the event of a home foreclosure, it is just up to you to exercise them.

-M Petrone

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