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Follow these tips to stop foreclosure

Receiving a foreclosure notice in the mail will make your stomach sink. Depending on the situation, you may have reason to believe that your lender will repossess your home sooner rather than later.

These tips can help you stop the foreclosure process with the idea of remaining in your home:

  • Own up to the problem: Don't hide from your lender, but instead stay in touch with them to prove that you want to make things right. Ignoring the problem won't make it go away.
  • Talk to your lender about your options: Your lender can discuss things such as a mortgage modification, which may be just what you need to get back on track. For example, they may agree to tack on missed payments to the back end of your loan.
  • Review your loan documents: This will give you a clear idea of what your lender can and can't do, which should help you formulate a plan for proceeding.
  • Learn more about bankruptcy: It's not the right solution for every homeowner facing foreclosure, but the automatic stay can give you the time you need to figure things out.
  • Don't fall prey to a scam: There are a variety of firms out there claiming they can help prevent foreclosure but, in all reality, they're trying to scam you out of your money. If this happens, your financial situation will take another turn for the worse.

When you follow these tips, you're in a better position to stop foreclosure. By protecting your legal rights, you may be able to save your home and remain its owner until you make the decision to move on.

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