If your house is in foreclosure, or soon to be, this article is for you. Foreclosure has become a reality for many homeowners in Hawaii. When the bank doesn't get paid, they may elect to foreclose on the house and auction it off to try and minimize their losses.

There are many reasons why a house may go into foreclosure. It could be anything from corporate downsizing or divorce to climbing interest rates combined with drops in the real estate market. Regardless of why your house is headed to foreclosure, what's done is done, and now it's time for you to get your real estate problem solved. In this report we are going to review some of the options you have that may save your home from foreclosure.

1. Why should I try to stop the foreclosure?

It may sound nice to just let the house go to auction and be done with it. Just letting it go to auction could deeply damage your credit and could prevent you from getting financing for a future home, transportation, credit card, or even a cell phone. In fact, if you don't have decent credit, the electric company won't even turn on your electricity without a deposit. A foreclosure could stay on your credit for up to seven years.

2. Take responsibility and decide to do something. The decision to do nothing is still a decision.

Human nature will try to convince you that you are the victim, and that you have been wronged, and that it's all someone else's fault that this has happened. Whether it's your fault or not, something needs to be done and you are the only person to do it. If you decide to do nothing, that is still a decision. It's up to you.

3. Choose your advice carefully.

Everyone will have advice for you. Make sure that you take advice from those who understand the how the foreclosure process works. Among many things, some people may tell you to declare bankruptcy while others is may tell you to list your house with a Realtor. You wouldn't follow your plumber's advice on how to tune up your car would you? Take advice from professionals who can help.

4. The lender doesn't want your house, they want payments.

As you receive notices in the mail from the lender telling you about how you need to pay them...or else, call them and let them know that you are trying to work things out. They probably don't want your house. Banks are not in the business of selling houses; they are in the business of lending money. When they have to foreclose on a house, they lose money, and banks aren't in the business of losing money.

5. Prioritize your spending.

It might be a good idea to cancel the HDTV and the TiVo subscriptions to make your mortgage payment. That entertainment center on layaway isn't going to do you much good when the sheriff puts your stuff on the curb. Prioritize your spending so you can make your mortgage payments.

6. Bankruptcy will only postpone the inevitable.

Declaring bankruptcy probably will not solve your foreclosure problem. It may postpone the auction until the judge releases the house from the bankruptcy. When all is said and done, you could end up with a foreclosure and a bankruptcy on your credit report. There may be occasions when declaring bankruptcy could help, but don't go file for bankruptcy because the taxi driver told you to.

7. Selling the house may be a quick and easy way to solve the problem

When the house is sold, the bank is paid off, and you don't have to worry about making payments any more. Real estate investors or companies that specialize in buying real estate may be able to give you a quick sale and solve your problem for you. Professional house buyers can often pay cash and buy your house quickly.

In summary, take action. There's no use crying over spilled milk. Analyze your situation, pool your resources, seek qualified advice, and do what it takes to prevent the foreclosure. There will be a time when it's too late to do anything. Your best option may be to simply sell the house. Now that you have the knowledge, it's up to you.

The content of this article is for information purposes only with no warranties expressed or implied and should not be taken as legal advice.

For additional information, visit www.oahuhousebuyer.com.

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