1. Watch out for "Foreclosure Recovery" Scams! NEVER sign over the title to your property or any other legal document without reading and understanding all the terms and getting professional advice from an attorney, a trusted real estate professional, or a HUD approved housing counselor. Also, make sure to use caution when approached by so-called "Foreclosure Prevention Companies". This is NOT the time to pay for help! If you have money, make a mortgage payment. Otherwise deal directly with your mortgage lender who will not charge for assisting you.

2. Watch your current spending and adjust your habits accordingly. Of course your health is an obvious priority, but your house should be a close second. Cut spending, do without cable tv for a while, stop eating out, forget about gym memberships at this time. You can also delay payments on credit cards and other "unsecured" debt until you have paid your mortgage. If you have other current assets, now is the time to tap into them. If you can demonstrate to your lender that you are willing to make sacrifices to keep your home, they may be more willing to work with you. Do this by selling an extra car, an insurance policy, or jewelry.

3. Contact your mortgage lender as soon as you realize that you have a problem. Ignoring the problem will only make it worse. The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house. Believe me, lenders do not want your house. They have options to help borrowers through difficult financial times. Make sure you open up and respond to all mail from your lender as soon as it is received.

More info on your stop foreclosure information search:

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