If youre looking at the potential for foreclosures, the worst thing you can do is take a wait and see attitude. In fact, the earlier you can start talking to and negotiating with your creditors, the better.
Start early actually means that you should contact the person or company that holds the title to your property as soon as you think you may be in trouble. Its tempting to avoid the problem to the point of not answering the telephone when those creditors call, but thats not going to solve the issue. In fact, creditors who arent getting answers or satisfaction are more likely to take action than those with whom youve been talking.
Another reason you should start talking to your creditors well before foreclosure becomes immediate and unavoidable is that you have more options at that point than when the creditor is already taking action. One of those options could be the chance to renegotiate your loan. You might be eligible for a refinancing loan that will stretch your payments out over a longer period of time, meaning youll have lower monthly payments. That could significantly increase your ability to make those payments on time.
Not only could you be...
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