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Simple Tips on Stopping Foreclosure



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By : John Cutts    99 or more times read
A recent study that focused on the present foreclosure trend revealed that 8.5 million or 18 percent of houses in the country are expected to be lost to foreclosure during the next three years. These figures might make one think is it still possible to stop foreclosure?

Considering the weak economy at present, homeowners have to turn to themselves if they want to stop foreclosure. But before taking any step, take into consideration the value of your home. Is it worth more than the mortgage that you owe? If not, there might be no point in stopping foreclosure.

If you decide that is indeed a wiser choice to stop foreclosure, the first step that you have to do is to stretch your foreclosure timeline as long as possible. Try to delay the foreclosure for the longest possible time.

The next measure is to talk to your lender. Some homeowners are hesitant to negotiate with their lender because it means having to admit that they are not capable to pay their mortgage any longer. However, there is definitely nothing to be embarrassed about. Your situation is not the only one of its kind millions of homeowners are likewise facing foreclosures. Remember that you cannot possibly stop foreclosure if you do not communicate with your lender.

If you talk to your lender, however, it is essential to use the proper approach. You want to stop foreclosure and save your property, that is an already established fact, but if you do not choose your approach carefully, you will most definitely fail.

Should you decide to ask the help of a counseling agency, choose carefully. Not all agencies are there to help some, if not most, are there to take advantage. Even the honest ones work for business more than anything else so think hard before making any decision.

There are even cases when working with an assistance agency can speed up the foreclosure process instead of stopping it. If they offer a reduced payment and you are not able to satisfy such, they will let your lender know. In most cases, it is more advisable to negotiate with your lender by yourself. Whatever it is that you decide to do to stop a home foreclosure, be sure you make informed decisions.


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