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Avoid a House Foreclosure

house foreclosureIf you are no longer able to make the payments on your home mortgage, and you think that the foreclosure process is going to begin, there are a few different things that you can try to do to save your home, if the bank will allow it. The first option is a home refinance, depending on how long you have owned your home, and how much equity you have built up in your loan. If you have been at your home for more than a couple or few years, you will want to ask the bank if this is an option for you.

What will happen if you are awarded a home refinance is that you will take the equity that you have already earned in your home, and then apply it to the payments that you are behind on. If there is enough to cover all of the past due amounts, they bank may agree to do this. It is also going to make your payments less money each month, which may make it easier for you to pay them on time, and keep up with them. If this doesn’t work, you will want to sell your home if you can, or the bank may do a short sale.

If you can sell your home before its too late, you may be able to break even on the mortgage, or be close to what you owe. This will allow you to get out of the house foreclosure process, and to hopefully save your credit and move on with your life. If you think either of these options may be possibilities for you contact a lawyers and get a consultation today. A home foreclosure will ruin your credit and have long term affects to your credit, so get everything taken care of as soon as possible.

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