Today more than ever homeowners are having their homes foreclosed on. The reasons homeowners are facing foreclosure are due to bad loan choices and a slumping housing market. The number one reason they lose their home is because they fail to communicate with the lender. Most people in financial trouble do the same thing; stop answering the phone, stop opening the mail, thinking it will just go away. Well it won't. You must act!

Don't be in denial. Face the problem head on. I know this sounds tremendously daunting, but it's not as hard as you might think. It is not embarrassing to face your problems, it is human. You are not alone, many people face the same problem. The difference is whether you take action or don't

Just so you understand, the bank doesn't want to foreclose on your home. But if they can't get a hold of you, and your not responding to their correspondences. They have no choice but to get their money back.

So how do we start to resolve the problem. The first thing that you need to do is to answer the telephone and have a conversation and ask hard question(s) like what types of forbearance agreements they might make available to you. What is forbearance?

Forbearance is an agreement that banks make with homeowners in which they agree to not foreclose on you in return for you accepting a payment arrangement or some other alternative to being foreclosed on.

The only way that you can get one of these forbearance agreements is to ask for it! Or at least be available for the bank to offer one to you.

Forbearance agreements range from:

*3 to 6 month grace periods with no payments but more importantly the foreclosure process has stopped and you get to keep your home!

*Loan modifications- they basically take the amount that you are behind and place it on the end of your mortgage and extend your mortgage term.

*Monthly payment reduction. They'll lower your monthly payments if you can't afford the current one because you make less or your household income have been reduced..

There are other plans available to homeowners with the right hardship situation, but remember that you have to make contact in order to get any help. Another option would be to set up a repayment plan.

This is one of the easiest method for a homeowner to do and understand. It is also one in which many lenders are more likely to accept. The basis is fairly simple, The homeowner will agree to pay an additional sum on top of what they are currently paying for their mortgage payments as a way of paying of the amounts that are owing to the lender. Certainly this is the type of plan that most lenders prefer compared to the one have previously described above. However there may be some additional costs that a homeowner will face when using this method including rearrangement and legal fees. In order to workout what is best for your situation, you must contact your mortgage companies loss mitigation department; customer services will do nothing for you.

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