Foreclosure is the process a lender uses to repossess the house of a client who has stopped making payments on the mortgage. Back in June 2010, one in each 411 houses in the U.S. received a foreclosure filing, based on RealtyTrac, a California firm that analyzes real estate trends. If a homeowner falls behind on house payments, unless he seeks help to prevent it, foreclosure generally ensues. There are lots of private and government entities that provide aid to homeowners to prevent foreclosure. If you’re having trouble paying your mortgage payments, do not wait too long to reach out to help.
Speak with your lender to see whether it can provide you with a solution. Options include mortgage alteration, where the lender changes a number of the details of the loan to make it even more affordable. Or they might provide to refinance your mortgage.
Take advantage of foreclosure avoidance counseling. This service is totally free and provided by the federal government via the Department of Housing and Urban Development (HUD). You can find a counselor near you by visiting the HUD website.
Find local and state resources that can help prevent foreclosure, such as classes and workshops that you can join and legal help advice. State on the HUD website lists these resources.