Stop Foreclosure 3 Steps You Must Take

A foreclosure is imminent.If this happens, then the homeowners unfortunately have to leave their homes in the hands of the lenders. This is something every homeowner tries not to experience. But for the unfortunate few who do have to give up their homes in the face of unforeseen adversity or severe financial crunch, there is no other way for them but to actually approach foreclosure as an option -- even though that is the last thing on their mind. The situation is never too dire as it might appear to be and you can always have a plan to stop foreclosure. You always have options, only if you do certain things promptly, take action on time and be pro-active. Here are three crucial elements that should be a part of your plan to avoid foreclosure, if it is imminent and in your face:

1. Go make that call: Ignoring the foreclosure situation, wasting time and not taking action can worsen it. Place that call to your lender and try to sort things out. Do not avoid any incoming email or snail mail from your lenders. Understand that the further you try to avoid lenders and mortgage payments, the harder it becomes to re-instate your loan. Stop rubbing the salt on that already worsening wound.Typically, those initial messages, mails and other documents you receive will have plenty of authentic information for you to follow upon. These initial messages are a treasure trove for valuable foreclosure prevention options and other tips for you to resurrect your financial situation.

2. You got rights, use them: It is very important for you to know your mortgage rights and there is no excuse not to know since it is all available everywhere you care to look.Contact your state government housing office, visit their website, get help form one of their counselors, pick those loan documents you have in your possession and read them again -- this is to know what the lenders can do in the event of mortgage payments default. Learn all you can about foreclosure, foreclosure laws, and other valid information -- all straight from the horses mouth. Make it all a part of the plan to avoid foreclosure

3. Budget, take action and bail yourself out: One other important element that you should institute in your plan to avoid foreclosure is a hard, executable, realistic and time-bound budgeting and spending plan. You got to pay off your mortgage first so prioritize your spending, budget your expenses -- all vacations, fancy cars, interior decorations, and all other unnecessary expenses will have to take a backseat. Pay off credit cards and avoid entertainment expenses. Do whatever it takes.
For a unique way to stop foreclosure that will freeze your mortgage payments for months and even years, please visit how to stop foreclosure. You can also read these FAQ's on stopping foreclosure on my blog here: how to stop foreclosre FAQ's.
Foreclosures can be an unwelcome and frustrating experience, but there are ways to help solve this foreclosure problem upfront. Information is power, clichéd though it might sound. To learn more about foreclosures, related information, more tips, expert advice and to be sure to download Dean Willam's free guide, visit his blog at StopForeclosureBlog