If you have been remiss in paying your home mortgage loan, you can still prevent your creditor from initiating a foreclosure sale. Here are top seven stop foreclosure save home tips:
1. Acknowledge the problem. It is better to act early on, before your unpaid dues have piled up. Then you will have more options and remedies for reinstating or restructuring your mortgage loan and avoiding that dreaded foreclosure.
2. One of the most common foreclosure myths is that banks are out to get your house. Banks, like individuals, need to be liquid, and would rather get paid with cash than acquire homes which have to be sold to convert to cash. Banks also understand the state of the economy, and can be reasonable as much as they can. Call your creditor to see if you can work out an arrangement that can works for both parties.
3. Keep communication lines with your creditor open at all times. When you begin defaulting in your payments, the initial communications from your creditor will consist of offers to help you through your financial difficulties and avoid foreclosure proceedings. Ignoring them in bad faith will lead your creditor to feel unsecured, and will soon move to threatening notices of their legal remedies. The court doesn't honor failure to check my mail as an excuse for liability.
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