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Stop Foreclosure and Stay in Your Home

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When faced with the possibility of losing your home, you must act quickly if you want to stop foreclosure and stay in your home. There are several different approaches that you can take, but the most important thing is to keep the lines of communication open with your lender.

If your situation changes drastically such as a loss or decrease in income, an illness that prevents you and/or your spouse from working, or any situation that leaves you unable to pay your mortgage on time, you should immediately contact your lender.

When you contact your lender after you receive your first letter, explain your situation to them. They want to work with you to help you stay in your home.

You have a few different options to stop foreclosure:

-Your lender may work out payment arrangements that will allow you to pay a portion of the delinquent amount along with your current mortgage payment until you are current.
-If you have an adjustable or high interest rate, your lender may lower your rate to make your payments more affordable.
-If your income has dropped drastically, but you can prove that your financial situation will change soon, your lender may defer one or more payments to allow you time to get things in order.

These are all options if you want to stay in your home. If you have waited too long and none of these options are available to you, you may want to consider selling your home to avoid a foreclosure. This may be a short sale where the bank will accept less than what is owed. It could be giving the home back to the lender or selling to a private investor.

If you are unsure of your options and don't know where to turn, consider speaking with a foreclosure specialist in your area. They can help you make the right decision for your current situation. Whether you want to stop foreclosure and stay in your home or you want to sell it fast, help is available.
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