?Real Estate Foreclosure: A Helpful Guide

Real estate foreclosure is a very real and very serious problem that often turns itself into something quite complicated. There are three distinct stages of the real estate foreclosure process. They are pre-foreclosure, foreclosure action, and bank owned properties REO. Each one is separate yet all are part of the complete foreclosure process.

Understanding Foreclosure

Foreclosure is one of the most devastating things that a homeowner can go through, because after all, your home is your castle and so the last thing you are going to want is for someone to come and take it away from you.

Of course, it would be beneficial to know some important things about the process of real estate foreclosure. For example, you should never ignore phone calls or mailings from your lender. Your goal should be to work together with your lender to find a way to work out the financial issue you are having. They will need to stay informed about your situation. That way they will understand your circumstances better and thus be more willing to work with you to prevent foreclosure.

Remember that your lender wants the money that you owe them, not your house. If you talk to your lender honestly about your situation, they can present you with some options for preventing foreclosure which you can use to make the best decision possible in your case.

You should also know your mortgage rights, and so take the time to find your loan documents and read them over so that you are aware of what your lender may do if you are not able to make your payments. You should be knowledgeable on all the different legalities and in particular learn about the foreclosure laws and timeframes in your state.

You need to prioritize your spending and get rid of as many of your current outstanding debts as possible in order to be able to better handle the issue of real estate foreclosure. That way you will not find yourself back in the same problem again.

Since your number one goal is to not lose your home through foreclosure, you need to try to find some way to reduce your spending and save more money to use for making your mortgage payments. For example, you may need to defer your credit card payments for a short time so that you can get yourself back on track with mortgage payments.

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