Introduction to How to Avoid Foreclosure

Foreclosure is among the most stressful things a person can go through. Not only does it harm your credit record, but it is lengthy, fraught with uncertainty, potentially expensive, legally risky at times, and very disruptive to your ability to maintain a home for yourself and/or a family. On top of that, if the lender has to sell your home and doesn’t earn enough to cover your loan, it may sue you for the rest.

Homeowners foreclose for different reasons. Sometimes it’s strategic (they owe more on the home than it is worth). But usually, it happens because they lost a job, suffered a cut in pay, or are unable to make mortgage payments for some other reason.

There are ways to avoid it, however. Don’t give up when it starts getting bad. Learn your options and find the best way through the mess.