This is the first in a series of articles specifically aimed to assist those struggling with debt problems. In particular, it is intended to give simple, practical advice on how to deal with the threat of real estate foreclosure.

Foreclosure is the legal process whereby a lender can take forced possession of a property when a borrower cannot or will not pay the regular repayments due on a loan agreement. Three quarters of those facing foreclosure manage to survive it without losing their home. Today we will look at ways of trying to achieve this objective although it must be remembered that if, for whatever reason you simply do not have enough income make your loan payments as they become due, foreclosure may become inevitable.

There are four courses of action available to defeat foreclosure proceedings. They are:

1. bring up to date any loan arrears, either in one go if possible or over a period of time after negotiating amended terms with the lender with the lien over the property

2. negotiate a repayment holiday with the lender so as to give time to bring up to date the outstanding loan arrears

3. refinance the loan on the house, possibly including any other short term debts so as to free up more of the weekly/monthly income to cover the new loan repayments

4. voluntarily sell the house.

People do not like talking about foreclosure, especially if it is happening to them. However you must remember that a lender may start foreclosure proceedings if you fail to make a payment on the due date, even though they would prefer not to. Foreclosure incurs cost and sometimes loss for lenders. Sadly foreclosures are happening with increasing frequency all over the United States. In fact, it is almost a national epidemic.

Do not ignore the situation if you are under threat of foreclosure and just hope it will go away. Be prepared to seek advice, realistically review the options available to you and try and prepare a plan for dealing with the situation. As far as possible, try and be in control of the situation as this will give some help in dealing with the worry and family stress that the threat of foreclosure brings. Further help and advice will be provided in articles to follow at a later stage.

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