Preventing Foreclosure

So you’ve missed a monthly payment or two on your home. You have hit a barrier in your personal finances and battle to keep up with the bills that you receive month after month. Your bank is calling every day and demanding full repayment and threatening foreclosure. You’ve never had a problem paying your home payment until now. “Your bank will surely understand your needs and let you slide another month or two while you find a way to keep your head above water.” Your financial institution trusted you enough to help you to finance your home.

It’s this way of thinking that traps most homeowners and accelerates the process of foreclosure. Banks do not help you prevent foreclosure. You have a signed loan arrangement that gives your bank the legal right to take back the home if you fail to keep up with the mortgage payments. Your bank reserves the right to take your home away from you as well as sell it to someone else that is able to make the mortgage payment each month.