How To Show Proof Of Income If Paid In Tips How to Avoid Foreclosure – 5 Easy Tips to Help Your Avoid Foreclosure

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How to Avoid Foreclosure – 5 Easy Tips to Help Your Avoid Foreclosure

1 – Do not get a mortgage you cannot afford to pay back

2 – Take out income protection cover so you can pay your mortgage should you lose or be unable to work

3 – Inform your lender. If for whatever reason you are unable to meet your repayments then you should inform your lender as soon as possible. The sooner you do the more understanding they are likely to be. They may agree to allow you to miss a payment or two in order to help you get through a rough patch. If you do not inform them they have no option but to begin legal proceedings that could lead to foreclosure.

4 – Learn more about loss mitigation. This clause of law has many schemes designed to help borrowers avoid foreclosure of their homes. Available options include:

Short payoff – the lender buys back your house allowing you to avoid the damage a foreclosure can do to your credit score.

Loan Modification – This is where you and your lender renegotiate your mortgage to better terms that will help you avoid foreclosure.

The above are only a selection of options available. Not all will be right for you however you would be a fool not to learn about and consider all of them.

5 – Read up on the subject. If you look hard enough there is a wealth of free information out there that will help you improve your foreclosure situation. Make the commitment to dedicate 1 hour per day to read and learn about how you can help yourself out of this situation.

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