Foreclosure takes place when home owners do not pay their payments to the lender. It really is that simple. The reason for why home owners may not be able to make the payments, however, can be anything but simple.
The worst thing home owners can do when they cannot make their home loan payments is to ignore the problem and to ignore the lender. In many cases, lenders will be more eager to help you through the problem than to foreclose on your home. The truth is most lenders do not want to take your home from you. Foreclosure is a cost to them and it reduces the profits they can realize from a home loan.
It cannot be said enough: If you are unable to make your mortgage payment, do not ignore the problem. The more payments you miss the harder it will be for the lender to work with you. There will come a time (should you ignore the lender for too long) when foreclosure will be the only remedy.
Once you know that you cannot make a payment contact the lender. As mentioned above, most lenders do not want your home. Most lenders have programs available to help you out if you contact them soon enough, but many of these programs are time sensitive and must be...
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