One of the most difficult situations for anyone to face is that of potentially losing theirhome. This is especially difficult if you have lived in your home for several years and have children who have never lived any place else. The stress is often more difficult for the children who must leave their friends, and it can be traumatic if there are household pets who will not be able to come along with you are forced to leave.
Is there a way to avoid home repossession, or foreclosure as it is commonly called? The best way to avoid it is to contact the lender as soon as you find out that you are unable to make the payments. If it’s a matter of reduced income, the lender may be willing to reduce your payments and accept only the interest portion until you can work something out with your income issues. The key is to keep the lender informed don’t just skip the payments or short pay without contacting the lender. Avoiding speaking with your lender makes it appear as though you are trying to avoid your obligation or are irresponsible enough to think it will go away on its own. Your lender cannot help you work out a solution unless you contact him to let him know...
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