Avoiding Foreclosure

Making your mortgage payments on time is the best way to avoid foreclosure.  Job loss or health problems can put you in a bad spot financially, and one of the worst case economic disasters for anyone is a foreclosure.  If you are unable to make payments, contact your lender and see if you can renegotiate your loan to something more manageable.  Freddy Mac recently stated that 50% of homeowners who went into foreclosure had never contacted their lender to discuss renegotiation.  They would usually rather have something as apposed to nothing.  You may also consider refinancing with a completely new lender.  Bankruptcy is usually not a good option in dealing with a foreclosure.