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Information on how to avoid foreclosure


If you are facing foreclosure, there are many ways to avoid it. We have provided some information for you on how you can avoid foreclosure.   The best thing you can do if you are, or know you will be having financial trouble in the future, is to contact your lender immediately. The lender is here to help you in any way possible, not hurt you. They are on your side. They are willing to work with you, to save your home.


The first step is to contact your lender for the information on how to avoid foreclosure. There are many options that they will give you, depending on your situation. The lender will ask you for a brief description of your situation, so be prepared to give them a run down on your expenses and budget. The first thing they may do is ask you to fill out a loan workout package, make sure to sign and return all paperwork as soon as possible, because it can delay the lender from taking the next step in the process. Make sure to ask the lender how much time you have to sign and return the documents. You may also want to find your original loan docs prior to contacting the lender, just so you are aware of your right as a borrower. Remember, the lender does not want your home and are here to help you in the best way possible. If you have any assets, like jewelry or cars that you can sell for cash? Maybe take a second job. This will show your lender that you are trying and willing to work with them


If you are not at a financial hardship at the moment, you can always work to avoid foreclosure. Prior to any hardship, always review your finances. Have a budget, even if it’s a tight one, anything will help.   And if you end up facing foreclosure, at least your lender will see that you made a strong effort to make your mortgage payments on time, because remember they will ask you to review your budget with them once you seek their help.

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