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Stop Foreclosures Before You Lose Your Home

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By : Leticia Carvalho    99 or more times read
Whether you have lost your job or your income from sales have dropped considerably low, or you or a family memberís health has failed or has undergone a major surgery that kept you from work, these reasons may have caused you be in a serious predicament with foreclosures. Unless you make a concrete move to stop foreclosures now, you stand to lose your home.

There are ways to stop foreclosures aside from giving up and short selling your home to investors. The key here is to communicate with your lender and arrange for options to help stop foreclosures. One avenue to do this is to work with your lender through their Loss Mitigation department.

You can discuss options with them and come out with a repayment plan that can lift you out of delinquency. Most lenders will delay legal actions once you are working with them for a repayment plan so it would be best to take advantage of this opportunity. Lenders do not want foreclosures as much as the homeowners in danger of losing their homes.

However, with the increase of troubled homeowners also working with the lenders to stop home foreclosures, your account may not be processed more accurately so check the plan out more extensively. You may end up with a repayment plan that will be difficult to maintain and eventually lead you back to foreclosure.

You can hire a foreclosure workout expert to represent you and work for a favorable repayment plan from your lenderís Loss Mitigation department. These professionals are experienced in such deals and charge a flat rate for their services. Look for workout companies that have an existing relationship with your lenders that may tilt the scale in your direction.

If the above suggestions do not work for you, the only option available is to sell your home to finally stop foreclosures. You can list with realtors or approach investors eager to avail of the sale. You may end up losing your home, but you will not have a foreclosure in your credit record.
Leticia Carvalho has been educated in the finer points of the foreclosure market over 5 years.

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