With the current economic situation, losing your home is a reality. Even though Obama’s government activated a number of policies that allow relief for a small number of homeowners, there still remains numerous homeowners who are still facing losing the property to foreclosure. If you find yourself in this situation, don’t despair.If you have an understanding of the correct methods to use, you are in a position to take the necessary steps to impede and, maybe, escape foreclosure all together. A number of tips are included in this editorial that will help in saving your property and place you in a controlling position with regard to the lender.It is important to understand your state’s foreclosure laws. These methods are available to each and every homeowner, but how effective they are depends on the changing variables between states.First: Once you begin having problems meeting your payment responsibility, contact your lender immediately.Waiting for three months and then trying to work out a resolution with the lender is inadvisable. Chances are you will likely meet with resistance if they are under the impression you’re being less than honest. Explain to them that your financial situation has changed recently. Most lenders will make every effort to work with you to find a resolution to the problem, but you need to take action promptly.Second: do not ignore your lender’s phone calls or mail, respond to each.If you fail to answer their calls or letters they will make the assumption that this is an intentional act and will immediately file a foreclosure petition. Procrastination is the worst thing you can do when trying to save your home.Third: Compose a letter of financial hardship and send it to the lender.Clarify your situation in an explicit letter and let them know the steps you are taking or attempting to take to take care of the situation. For example, if you found yourself out of work recently, but are currently speaking with a potential employer who is offering a higher salary, the lender should be aware of this fact.At least this lets them know you are trying and that you’re not simply stretching out on the couch watching the daytime soaps every day. They will be much more open and willing to cooperate if they are aware that you are attempting to meet your financial obligations. This simple step may postpone the process and buy you additional time to figure out a lasting solution to your financial situation.Fourth: File for a foreclosure court hearing.This legal hearing will give you an opportunity to offer an explanation to the judge why you have gotten behind in your monthly payments. Taking this action may also effectively postpone the process for a short period of time.Numerous homeowners are in a position to postpone the process and remain in their homes for several years by simply interrupting the foreclosure action. It simply takes understanding the legal methods you have available to make this happen.Naturally, if you would rather have the assistance of an attorney, several are available; however, this is often an additional expense most pre-foreclosure homeowners cannot pay. If money was available for an attorney, it would be available to make the monthly payments.These are only a couple of strategies you have available to help you when you’re attempting to stop the foreclosure process. You can handle this on your own and keep your property if you simply take a little time to gain the necessary information and knowledge.
