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Tips for avoiding foreclosure
By Jeff Lakie
Foreclosure can be a devastating change in your life. If you miss your
mortgage payments, you could be in danger of foreclosure: you'll have to
move out of the home you have worked so hard to own.
Here are some ways that you can avoid foreclosure.
" Set up your mortgage payment on direct deposit from your bank
account and arrange an overdraft, just in case you have a tight month.
" An emergency account is a good idea, but not very practical for most
people. The money they save in that account is often better spent on the
necessities of life. Set up an emergency account but without any of your own
money; do this by arranging a personal line of credit or borrowing account
which will cost you very little if you don't use it, but if you need it it's there and
can be substantial.
" Maintain a good credit rating. If you miss a payment or two and
someone is considering bringing a foreclosure judgment against you, they
may be less likely to do so if you have shown that this is a singular incident
and quite uncommon to your typical prompt payment. On the other hand, if
you miss your bill payments on a regular basis, they may not give you the
second chance you want.
" If an emergency strikes, instead of paying your mortgage with your
credit card or going to those high-priced loan places, try asking a trusted friend
or family member to provide you with a low interest rate bridge loan to help
you through your tough spot. Be sure to a pay them back promptly.
" If you find that foreclosure is imminent, your best hope is for a
foreclosure sale, the proceeds of which will wipe out your judgment. Spend
some money to beautify your home with a paint job and a thorough cleaning,
which will increase what you get for your home and could minimize or
eliminate the difference that you'll have to pay.
No one wants to lose their home. There are strategies to avoid having a
foreclosure judgment brought against you. If you follow these strategies and
manage you money carefully with a budget, you should be able to enjoy your
home as you long as you want!
About the Author
Jeff Lakie is the founder of Foreclosure Resources a website providing information on Home Foreclosure
Article Source: http://www.simplysearch4it.com/article/10100.html
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