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Options when you are facing foreclosure

If you are among the many who believe they are only a missed payment or two away from foreclosure, you may feel a large amount of anxiety as you try and navigate through the process of saving your home. You may have already tried improving your ability to pay each month by relying on tactics such as taking on a second job or renting part of your home out to a paying tenant. If such efforts proved fruitless, however, you may have reached the stage when you are trying to determine whether to continue to fight for your home or make the difficult decision to fold.

If you suspect a foreclosure is likely in your near future, consider taking the following steps.

Refinance

Whether you have the chance to refinance your mortgage depends on many factors, but if you still have strong credit and mortgage rates are reasonable, you want to consider doing so. Certain governmental loan programs seek to help people like you who have either fallen way behind on their payments or have lost their jobs. Refinancing may help you lower your monthly payment into a more manageable amount.

See if your lender will work with you

Just as you do not want your home taken away from you, lenders typically prefer not to have to do so, either. There is a lot of red tape involved in doing so, so depending on the specifics of your situation, you may be able to work out some type of repayment deal. Perhaps you can tack a certain amount from missed payments on to the end of your loan, or maybe you can create an arrangement that lets you make lower payments for a predetermined period.

File for bankruptcy

Bankruptcy protection may also help you save your home should you decide to do so, and if you are having trouble determining whether saving or selling is in your best interest, a bankruptcy attorney may be able to help you make the call. If you are significantly behind on mortgage payments but you desperately want to stay in your home, filing for Chapter 13 bankruptcy can at least delay the foreclosure process, and in some cases, put an end to it entirely. 

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