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Hey, you're in the real estate zone--YOUR HANDYMAN ZONE!

Buying a House Category

Real Estate :

Mortgage loan defaults, how to avoid foreclosure.

Avoid Foreclosure. Get help now. Learn more about your options. We can help.


If you are behind in your mortgage payments and being threatened with the foreclosure of your house or believe you will be in such a predicament of being threatened with foreclosure soon if you do not get financially back on track in the midst of this economy, here are some tips you should consider doing to try to avoid a foreclosure, and they include the following:

  1. Do not ignore your financial problem.  You must come to grips that for whatever reason--be it the sudden loss of a job or otherwise--you are behind on your monthly mortgage payments and need to resolve it as quickly as possible.  The longer you wait to realize and seek to take action, the less likely you will be able to get out of your financial turmoil and retain the place you and your family call home.

  2. Seek to immediately work with your lender/bank.  Contact your lender as soon as you realize you are unable to make any mortgage payment you are obligated to make.  Lenders are not in the business of taking houses such as yours through foreclosure, so they are much more inclined to work with you to see to it that every reasonable step is taken for you to successfully repay your mortgage loan in order for you to keep your house.

  3. Prioritize your spending, if you have not already done so.  This means, in a nutshell, stop spending on wants and stick to paying for the necessities.  Stick to one car for the family.  End your satellite or cable TV subscription.  Shop at discount stores for the necessities to live.  Stop eating out and start eating at home--go back to eating dinner with the family, etc., if you have not already done so.  Whenever you can, walk to your destination as opposed to having your car consume costly gas in driving to it.  Seek discounts, even on car insurance.  These and other cutbacks can be good for you in more ways than one:  You will not only help divert from spending your hard-earned money on what really are petty things to applying such money towards your mortgage payments in order to keep--of all things--your home, but you will inherently improve your health (exercising by walking to your short-distance destination instead of driving to it) and your family relationships (spending time with loved ones at the dinner table, etc.).

  4. Seek the help of housing foreclosure avoidance counselors.  Seeking professional help should be done right away, and its placement on here as the 4th tip should not indicate as if it is the fourth thing you should do, as--again--seeking the advice of a professional should be done immediately.

  1. Start selling secondary assets.  What is meant by this is to sell possessions of yours that you can live without--at least for the time being until you get your mortgage situation straightened out--and those include a second car, luxury clothes, sporting equipment, jewelry, etc.  Take the proceeds of these sales and, of course, apply them to the payment of your mortgage.

The above are just some tips one should consider in attempting to avoid a foreclosure.

Ed the Handyman


Your Handyman Zone Team 


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