Monday, July 2, 2007

Going Into Foreclosure? It Doesn't Necessarily Mean The End!

Is your home going into foreclosure? It doesn't necessarily have to mean the end!

I have written a lot about foreclosures on this blog. First off there are going to be so many more of them this year and also too I think that going through foreclosure is a terrible thing! I know a neighbor in my area whose family lost their home because of the property taxes not being paid.

If your home is in foreclosure there are some things that you can do that can maybe help your situation. I guess the first piece of advice would be for you to avoid the foreclosure process in the first place by paying your mortgage on time but I realize that that isn't always possible. Sometimes an emergency financial crisis will pop up out of nowhere and you have to choose between the lesser of 2 evils.

If you think that you are going to not be able to make your mortgage payment you should call your mortgage company and discuss it with them. Some mortgage companies may re-negotiate your payments to a smaller amount. It is a common-held belief that a lot of the mortgage companies don't want to have to put your property in foreclosure because they lose out so they may be very willing to work with you to help make your payments more manageable.

Secondly you may be able to qualify for some grant programs to help pay for the mortgage payments that you missed. Beside government grant programs you should also look into other grant programs to help you. There are a number of "financial emergency" grant programs that will provide grant money that you don't have to pay back to help you pay your back mortgage payments.

Lastly every state's foreclosure process is different. Sometimes it can take as much as six months for the foreclosure to take place and in that amount of time you may be able to pay the money that is owed.

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