©fooe2010 - flickr

©fooe2010 – flickr

If you are a homeowner facing foreclosure, it can be a stressful time.  A time filled with worry and wonder of what to do.  Again and again people push the worries to the back of their mind, hoping that their problems will just go away.  Unfortunately, this is not the case, in fact it is making a bad situation worse.  If you are in foreclosure or facing it, you need to act now and not wait another minute.

Many homeowners, who are in financial hardship, believe that it will get better and tend not to worry about their debt and the risk of losing their home.  The problem is the bills will keep piling up; the debt and late payments will also keep growing.  The first step is to communicate with your creditors and lender, do not keep them in the dark and let them know you are having financial difficulties.  Hopefully the creditors and lenders will be able to offer you some solutions and assistance.

After a couple months of not paying your debts, you will start getting the harassing phone calls and letters from creditors asking were their money is.  If you haven’t already told them that you are having financial difficulty, do it now.  The next step is to prioritize your bills, especially if you have any money coming in.  You need to know which bills must be paid and what can be put off.  If the most important thing is saving your home from foreclosure you need to focus on that.  Possibly putting off other bills, so you will have the money you need to keep you house payments up to date.

As you keep putting some bills off, expect to see more letters and phone calls threatening court action and sending collectors to you.  If you haven’t spoken to your main creditors yet, you need to and tell them what is going on.  Make sure by this point you have spoken to your lender if you want to avoid foreclosure.

Do not tell your creditors that you agree to pay them a certain amount and then not do it.  This will just get followed up with more phone calls from credit companies asking for immediate payments.  If you do this to your lender, you will be served aforeclosure notice by certified mail. It will be issued through the court and will be the start of legal action against you.  This will mean you’ve officially been foreclosed on. Getting help is still possible, but more difficult than if you had done it earlier.

Don’t end up like most homeowners and do nothing about avoiding the foreclosure.  Most do not try to communicate with their lender, not realizing if they had, they may have stopped the foreclosure before it even started.

Remember your main goal is to take action right away.  If you don’t take action you will loose you home to the mortgage lender and be foreclosed on.  You can help yourself get out of foreclosure by the simple step of taking action.

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