Are you facing foreclosure? It is scary. It is a tough spot to be in. Do you need to know how to
avoid home foreclosure?

First, you must be careful of what you read and who you believe. Anyone who tells you that you
can stop or avoid home foreclosure without paying you home lender is wrong. The only way of
avoiding home foreclosure is to pay your home lender. However, the good news is that you may
have several options on how to pay your home lender and, thereby, avoiding foreclosure.

When you bought or refinanced your home, you put your home up as collateral. You gave your
home lender either a mortgage or a deed of trust. While the legal theory behind these two
documents is different, the result is the same. If you do not pay your home lender, you will lose
your home. It is just like a car loan. If you do not pay your car loan, you lose your car. However,
the legal action to enforce a lender's claim to your home is more detailed and involved than
enforcing a claim against your car. The legal process of enforcing your home lender's claim to
your home is called foreclosure.

So, what options do you have to pay your home lender so that you can avoid home foreclosure?

If you want to keep your home, but still avoid foreclosure, you can:

- Talk with your home lender. Home lenders are in the business of making money from home
loans. They are not in the real estate business and really do not want your home. Therefore, your
home lender may work with you so that you can pay your loan and keep your home.

- Try to obtain another home loan and payoff your existing home loan.

- Consider filing bankruptcy. A Chapter 13 bankruptcy is actually a court ordered payment plan
and may allow you to pay your home lender and keep your home.

If you do not care if you keep your home, but simply want to avoid mortgage foreclosure, you
may be able to:

- Sell your home and payoff the existing mortgage.

- Deed your home to your home lender instead of going through the complete foreclosure
process.

As the old saying goes, "the devil is in the details". Some of these options for avoiding foreclosure may or may not work for you. It all depends on your situation. So, check out all of the
options to determine what will work for you to avoid foreclosure.

This article is general information. If you have any questions of any nature about avoiding
foreclosure, talk with a lawyer licensed in your state.

This article may be republished, but the wording must not be changed and the author links below
must remain active.

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