The current trend of the real estate market has turned from bad to worse. More than 2.2 millions people have already lost their homes and millions more are in danger of foreclosures. The best thing to do is to stop foreclosures now even before the process has even begun and this can be achieved through the following:
Despite our needs and wants, saving for a rainy day is still a wise move. Homeowners should target for a mortgage contingency fund equivalent to one to three monthly payments.
Have a home equity line of credit in place which you can access in cases of mortgage emergencies. Remember to pay back the credit line once everything is back in order so you can use it again in the future.
Try to make all your mortgage payments. Missing the first month could lead to the next.
Ask help from friends and families. Do not hesitate to admit to them that you are in need and you need their help.
Get in touch with your lender. Banks and lenders would want to have you back on track and would like to stop foreclosures as much as you do as they will lose more money in the process.
Do not ignore your mortgage problems. Face them head-on and look for solutions.
There are several options available that can help you stop your foreclosure. Do your research and take advantage of these options.
Make your mortgage payments as the top priority among your bills. Losing your credit cards is much better than losing your home.
Do not stop making payments if you missed a few months. Do not let these monthly payments accumulate.
If all else fails, do not miss the deadlines in filing for Chapter 13 Bankruptcy. This would be your last resort to stop foreclosures.
Cassiano Travareli has been educated in the finer points of the foreclosures market over 5 years.