Even if you haven't experienced financial hardship or the threat of foreclosure, it is never too late to have a game plan.
Often times, unforeseen circumstances arise that can quickly take you down a path of financial trouble.
Since your mortgage is your biggest asset and largest monthly expense, it seems odd not to have a plan in place to protect your home from possible danger.
The best place to start is knowing how to deal with a foreclosure if you begin to experience troublemaking your mortgage payments.
Be Consistent Missing a mortgage payment for even one month can quickly lead to the foreclosure process.
Lenders have little patience for late or missed payments, which is why it is important to make paying your mortgage a priority.
Setting up your payment as an automatic draft each month is one way to avoidmissing a payment on accident and can keep your payment schedule consistent.
However, there are times when finances are tight and you may worry about missing a mortgage payment.
Many people will tell you to miss a mortgage payment on purpose if you are considering requesting a loan modification or forbearance agreement with your lender.
Do not follow this advice.
The best strategy is to contact your lender at the first sign of trouble and begin to negotiate a deal before you ever miss a payment.
Many lenders are more willing to help when you show responsibility by contacting them prior to missing a payment.
Organize Your Finances If you are in the unfortunate position of needing help with your mortgage payment, always be prepared.
Before you even contact your lender have your finances organized and get an idea of what you can realistically afford to pay.
By entering the negotiation process prepared and with a plan, your lender may be more willing to negotiate.
Remember that any help your lender extends to you is a courtesy only, not a right given to you.
Therefore, come up with a few different proposals of modifications or changes to your mortgage that you think will help relieve your financial burden enough to keep you out of foreclosure.
Get In Contact The last and most important step of combating an impending foreclosure is contacting your lender.
Although some suggest using third party mediators in your negotiations, contacting your lender directly can show both respect and responsibility with your mortgage.
Always be polite and flexible when dealing with your lender, putting your best foot forward.
If you feel your lender isn't willing to negotiate or you need help with the negotiation process, seek help from a qualified foreclosure attorney.
Try to avoid mortgage relief companies or agencies that do not staff attorney's as their main client representative.