Foreclosure is the legal process in which the mortgagee/lender (for example the bank that lends money) obtains a court-ordered termination of the mortgagor's/borrower's (the person/company who borrows the money) right to redemption of equity in the property.

Most foreclosures happen during recessions, but many also happen during the best of economic times. If you are facing these problems please realize it is not your fault and that foreclosures can happen to anyone, even the richest of the rich.

There are many reasons people fall into pre-foreclosure and eventually face foreclosure, but the most common reasons are medical/ health related. If you cannot pay your mortgage payment on time each month or are facing foreclosure you NEED to take action today!  

There are options and ways for you to avoid getting foreclosed if you are facing foreclosure but there are few options and they are all undesirable. A foreclosure on your credit can be incredibly limiting to your future financial options and will stay on your credit report for ten years. How can you avoid this?

1. Avoid Scammers! Do not believe anyone who promises that they will stop your foreclosure or save your house for you. If you sign over your rights to them you can say goodbye to your house!

2. If you are having trouble making your payments, do not ignore the problem. The more payments you miss the closer you come to getting foreclosed and the harder it will be to re-instate your loan and stop the foreclosure proceedings.

3. Make sure you pay your mortgage before taking a vacation, deciding to buy a new car, or joining a new club. Delay payments on unsecured debts.

4. Raise extra income. Can you sell any of your assets? Do you have a second car, an RV or boat, or extra jewelry you can part with? It may be hard to sacrifice but wouldn't it be harder to sacrifice your home? Can someone in your house get an extra job?

5. Know your mortgage rules and rights. Check your mortgage documents to find out what your lender will do if you cannot make your payments. Know your rights.

6. Stay in contact with your lender. Call your lender as soon as you start to have problems. Open all mail you receive from your lender. These mailings will have options for you to help weather your difficult financial times. Your lender does not want your house; your lender wants you to be able to make your payments and is willing to work with you if you are suffering financial difficulties. It is not in the lender's best interest to foreclose on you.

7. Contact a professional. There are professionals who are dedicated solely to helping homeowners facing financial difficulties work through their tough financial times. The U.S. Department of Housing and Urban Development (HUD) offers free (or very low cost) housing counseling all across the U.S. These housing counselors can help you understand the laws, help you with your finances, help you understand your options and represent you to your lender. You can find a HUD counselor near you here

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