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3 tips for preventing foreclosure

Missing mortgage payments can lead to the threat of foreclosure. If you struggle to stay on top of your house payments and are afraid of losing your home, you should take action and seek necessary help as soon as possible. Acting now will help you avoid headaches down the road, such as more expensive options, paying a deficiency judgment or losing your home altogether.

While you might be stressed and scared, it is possible to prevent foreclosure. Learn a few tips you should put to good use to save your home.

1. Make a budget

Getting a clear picture of all your income and expenses is important. Not only will it help you understand the severity of your debt, but this information is also necessary if you are going to file for bankruptcy or negotiate a loan. Along with monthly and variable expenses, take note of your debts, interest rates, minimum payments and what you need to do to catch up.

2. Do what you can for extra funds

Your home loan is a priority debt, and you want to do whatever you can to catch up on your payments. You may have to think about getting a second job, taking in a renter or selling some items online. Boosting your income in these ways can go a long way in avoiding foreclosure.

3. Refinance your mortgage

If you have equity and your credit is still in good shape, you might want to consider refinancing. The U.S. Department of Housing and Urban Development (HUD) has plenty of refinancing programs for you to pursue. Modifying or refinancing your loan can help you secure your home with lower payments.

 

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