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What Can You Do When Faced With Foreclosure?

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    In the economic crisis fo 2008, foreclosed homes have become casualties forcing millions of people to abandon their homes and seek shelter somewhere else. Some experts believe that repossessed homes are a direct outcome of the action taken by financial institutions to recover their loaned amount to their customers.

    As a homeowner repaying your loan, you are under enormous pressure from your lender. Besides this, you also need to protect your single largest investment and it can all get terribly confusing and difficult. It may make things easier for you, if you knew your options. So here are 3 options you can try in order to protect your home and avoid foreclosure:

    • Talk to Your Lender: You must contact your lender as soon as possible and in person. Call, write, or visit them. Brief them about your situation and let them know what you can do. Always mention details such as amount of money, time, terms and conditions etc. Request your lender for leniency and flexibility. Take time to reach a decision.
    • Talk to a Professional: Seek help of an expert real estate attorney, or a foreclosure expert or any one else who is qualified and experienced in this field. Get them to advice you without making you hire them. After all, you can better utilize their fees to make your loan payment!
    • Talk to others who have foreclosed: Talk to other people in a similar foreclosure situation. Ask them about agencies that can help you in this situation. These agencies could be credit counseling agencies, privately owned companies or debt restructuring, or asset protection agencies. They might be able to create a more favorable situation for you.

    By Diane Tuman

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    • Last edited October 12 2012
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