3 Simple Ways to Avoid Foreclosure

So many of us know the sinking, helpless feeling of facing foreclosure on your home. Foreclosure is a legal process. Foreclosure is also an emotional roller coaster – stress, fear, and anger, are all common during this process. The anxiety also mounts. Meditation, knowledge, and action are the perfect remedies for anxiety. The goal of this post is to arm you with knowledge and help you take the first step. Here are Three Ways to Avoid Foreclosing on your home:

#1 – Reach out to your lender. It’s not unheard of to dodge the phone calls from your lender when you are behind on payments. After all, hearing the words: “This is an attempt to collect a debt” are, if nothing else: cringe.

Your lender is a great resource to identify programs in place to help homeowners that are struggling to make payments. They may be able to offer you a forbearance plan, a loan modification, or information regarding mortgage assistance in your state. For example, the federally funded Homeowner Assistance Fund (HAF) is available in every state. It is important that you head over to your state’s HAF website because some restrictions apply. Indiana residents can apply for the IHAF here.

#2 – Find local help using Google. A google search that includes: “Mortgage assistance” + “the county you live in”. Will yield programs in your area that offer help with paying your mortgage or rent. The organizations that offer this help will differ in every county.

is a common hub for mortgage assistance and rent assistance programs.

#3 – Consider filing bankruptcy. Filing bankruptcy can stop the foreclosure process in its tracks. This option could also give you extra time to catch up on payments.

Observe the busy little worker ant and act – quickly. Acting quickly is important because if you wait too long, you may run out of options.