You've Been Served A Notice Of Default From Your Bank! The first thing to do is Don't Panic! You didn't buy this house just to lose it to the bank. And you didn't buy this house so you could lose all your credit and your good name. You didn't buy this house to get terrorized by phone calls from creditors and experience the unbelievable stress of going through the foreclosure process.

You didn't sign up for any of this. But here you are. Perhaps you or a loved one has been unemployed, or you've been slammed with massive debt from an emergency or a medical problem. Maybe the real estate market in your city is crashing, and the value of your home is falling. Or you have an adjustable rate mortgage and you just can't keep up with your mortgage payments anymore.

Here are some quick tips;

1. Don't ignore the problem.

The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house.

2. Contact your lender as soon as you realize that you have a problem.

Lenders do not want your house. They have options to help borrowers through difficult financial times.

3. Open and respond to all mail from your lender.

The first notices you receive will offer good information about foreclosure prevention options that can help you weather financial problems. Later mail may include important notice of pending legal action. Your failure to open the mail will not be an excuse in foreclosure court.

4. Know your mortgage rights.

Find your loan documents and read them so you know what your lender may do if you can't make your payments. Learn about the foreclosure laws and timeframes in your state (as every state is different) by contacting the State Government Housing Office.

5. Understand foreclosure prevention options.

A great book to help you through this process and save your home is "Foreclosure Free Zone" This ebook will provide you with the tools you need to save your home from foreclosure.

Lastly don't delay in taking action. Communication is vital! Approach your banker/lender in a calm businesslike way.

More info on your stop foreclosure information search:

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