©Cool1723 - flickr

©Cool1723 – flickr

It is human nature to procrastinate, or put uncomfortable chores off until the very last minute. Some people put off paying bills, until the day they are due, even if there is a rush payment penalty. Procrastination is an unhealthy habit to have and hard to break, there would be a lot more possibilities in life, if we explore all options early on. This is particularly important if you are in the pre foreclosure stage, this is a time you should embrace and not put off. Being proactive against foreclosure will be satisfying, especially knowing that you are doing everything possible to save your home.

So how can you tell if you’re in the pre foreclosure stages; you will start receiving notices from your lenders about your lack of payments, you may be getting harassing phone calls from the bank, threatening foreclosure if you don’t get caught up on your past due payment. Do not just ignore these messages and calls hoping they will go away. They will not go away; in fact you will receive more and more until you are officially foreclosed on. You can’t just turn your ringer off hoping that they will go away. Pre foreclosure is the time you should be talking to your lenders. Speaking to them early on may give you a chance to negotiate with them, explain to them your situation and see what options are available. The longer you put if off, the less options you will have and the lenders may get annoyed with you and be less likely to offer any foreclosure assistance.

There may be many reasons that your home is getting foreclosed on, such as, loss of job, divorce, and an illness preventing you from working. Depending on your situation, you may know exactly when you can start making your mortgage payments again, use this knowledge to strike a deal with the lender and stay true to your word. If you know that you won’t be able to get caught up on the payments, this would be the time to put your house on the market. Some lending companies could be understanding with your predicament and allow your pre foreclosure time to be a bit longer.

If you can’t seem to negotiate a deal that you’re going to be able to keep up with, pre foreclosure gives you the opportunity to put your house on the market. There are many companies that look to buy houses in foreclosure. Don’t be over concerned making a huge profit in the sale of your house; especially if you’re in pre foreclosure, the point of selling it is to stop foreclosure. It is better to try and sell it before it goes into foreclosure, because if the bank decides to foreclose, your home will be sold at a loss and you’ll end up owing more money. Depending on what the bank sells it for you will still be responsible for any left over debt on the home. The bank could possibly sell it for a lot less than you would of and you would end up getting stuck with more debt. Most importantly just do not delay, take advantage of pre foreclosure and make the most out of your time by stopping foreclosure.

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