Foreclosure is a very personal torture. No one else can possibly picture what you suffer. Mortgage foreclosure is the process a mortgage company or bank uses to repossess your home when you fail to pay your loan according to the mortgage agreement.
If you are unable to make your mortgage payment, here are ways to escape the nightmare of foreclosure:
Talk to a bankruptcy lawyer or a professional counselor about your problem. You should not have any problem in setting up a FREE CONSULTATION. Lenders are not always prepaid to compromise. Have a lawyer representing you in the negotiations.
Quickly get in touch with your lender. Lenders do not like foreclosures because they are costly and difficult. They have options to help borrowers through tough financial difficulties.
Respond to all mails from your lenders. Your failure not to respond to mails from your lender will not be an excuse in a foreclosure court.
Talk to your lender about a compromise. Such compromise may include lower payments, refinancing at a lower interest rate, forgiving some late payments and different payment terms.
Get your loan documents handy. Read and understand the documents. Understand the foreclosure laws and time frames in your state as every state is different.
Review your finances and cut down on your expenditure in order to make your mortgage payments. Delay payments on credit cards and other debt until you have paid your mortgage.
Avoid foreclosure recovery scams. Read and understand every legal document before signing any document. Get professional advice from your attorney.