If you are one of the thousands of people facing foreclosure right now, you are probably feeling overwhelmed. Your house is probably worth half of what you owe, and you’re so stressed and angry that you can’t think straight. We will walk you through seven steps you can take right now to avoid foreclosure. Following these steps will show you how to improve a bad situation so you can start feeling better soon. If you want to solve your problems, you must put your emotions aside for a moment and think logically. Even if it is difficult, consider how you will feel once you have taken massive action to improve your situation.

To avoid foreclosure, you can employ a variety of methods and strategies that do not contradict each other. The most important thing to remember throughout this process is to take your time. You don’t want to miss important deadlines, but you also don’t want to rush into anything that will make things worse. This foreclosure didn’t happen overnight, and it will take some time to work your way out.

Identify Why You Are In Trouble

Ask yourself, “I’m in foreclosure now what?” Then try to figure out why you’re in this situation. It could be due to a single cause or a combination of causes. Some of the reasons may be within your control, while others may not be. You must have this information ready because you will be questioned on it if anyone offers assistance.

For example, you or your spouse seen a significant decrease in income from your business or may have lost a job. Keep track of when it started and have your tax information ready. Your most recent tax returns may be useful in determining the issue.

Other causes of foreclosure include divorce, excessive debt, illness, or even a death in the family. Keep all relevant information in one place and be prepared to refer to it frequently

Avoid Scams At All Costs

Contacting a reputable company like Land Property Partners LLC who understands the intricacies of the foreclosure process and can assist you in avoiding foreclosure! There are many scams out there right now that prey on people in your situation. Unless the program is offered by a known bank, always check the credentials of any business or any appropriate government agency.

Ask For An Extenstion To Make Up Payments

The simplest solution is to contact your lender and request for an extenstion.  People frequently get themselves into trouble simply because they do not ask for assistance. Many lenders are currently swamped with foreclosures and not in the business of owning property. In order to keep people in their homes, banks are willing to work with borrowers and their issues. Seize the opportunity by simply requesting more time. This frequently prevents lenders from filing default notices. It can, at the very least, slow down the process and save thousands of dollars in fees by doing so!

Get Forgiveness For Some Payments

It may be difficult to accept, but lenders are more often just as understanding as you are because want you to stay in your home. By negotiating with the lender about modifying your loan terms they may be willing to forgive some missed payments and actually waive the obligation to pay them. — this could allow them to forgive part or all of the debt owed, saving you thousands of dollars in interest charges.

Spread Out Payments

Instead of waiting for your lender to contact you and come up with solutions, you could suggest some when you contact them. Another effective way to avoid foreclosure is to spread out payments. The extra amounts can be reduced to very low amounts by spreading the amortization of the debt.

For example, if you normally pay $2,000 per month and owe a full payment, you may be able to make the next ten payments of only $2,100 per month without incurring any other penalties. Again, because lenders are motivated to avoid defaults, these extreme measures and generous offers are available right now. Take advantage of the opportunity while you still have the opportunity.

Change Loan Terms

While speaking with the lender, ask them to make it possible to modify the terms of your loan. This is a critically valuable opportunity for those with adjustable-rate mortgages. You could request that the lender lock in the rate or simply change it to something more manageable. Many lenders have been known to modify the loan note and extend the amortization period.

Add Back Payments To Loan Balance

This is another way of saying “refinance the loan.” Refinancing is typically done when borrowers see an advantage in renegotiating the loan. Some lenders will do it these days in order to salvage a foreclosure situation. They may want to see if you have enough equity in your home to try this.

If you want to learn more about how to avoid foreclosure, speak with your lender directly. In most cases, this is the best source of assistance. If your lender is unwilling to cooperate, you may need to seek advice from an  outside agency like an attorney or a real estate professional.