If you are behind on mortgage payments and unable to catch up, you may find that a foreclosure order on your home will soon follow. A foreclosure will have a devastating affect on your credit rating and, very importantly, mean that you will have to move out of your home. Can a home foreclosure be avoided? Yes, but you must take aggressive action to avoid a legal decision that could seriously jeopardize your financial picture and destroy your piece of mind.

Your dream home can quickly become a nightmare if you are unable to keep up with the mortgage payments. In these days of rising interest rates, your low adjustable rate mortgage could suddenly have bumped up costing you several hundred dollars more in mortgage payments. Add in higher fuel costs to the equation and it is no wonder that thousands of consumers are finding out that they cannot make ends meet.

Before a home foreclosure occurs there are several warning signs to alert you that your home is in jeopardy:

Phone Calls and/or Letters ? Your mortgage lender will contact you as soon as a home payment is late by more than 30 days. Expect a letter in writing to arrive in your mailbox soon thereafter with instructions for you to make a payment. In addition, a contact name and number will probably be included with that letter. Contact the lender and explain to them your financial situation and ask if some sort of remedy could be considered. This may include an extension of your mortgage term to tack on the unpaid months to the end of your mortgage or refinancing to a higher rate to cover unpaid mortgage charges. Do not ignore letters or avoid phone calls from your lender; you must show that you are doing all that you can to help resolve the problem.

Notice of Default ? Expect to receive this notice from your lending institution if you remain behind on mortgage payments and you haven't contacted the company holding your mortgage to discuss your situation. In effect, if you have ignored previous attempts by the mortgage company to contact you, then a notice of default is likely to be sent to you. This is the last step most mortgage lenders take before foreclosure proceedings are launched. Typically, this notice will give you 30 days to take action or you will be certain to face foreclosure.

Foreclosure Notice ? At this point in the process a court date has been put in place to foreclose your home. Although foreclosure is imminent, you could escape foreclosure if you are able to successfully refinance your home prior to the court date or if you sell your home to a third party. In addition, a bankruptcy filing on your part could delay or even reverse a foreclosure notice, although your credit rating will suffer. Every state has its own laws regarding foreclosures and the steps to be taken leading up to legal action. Familiarizing yourself with your state's laws and taking aggressive action are two steps you can do to beat a home foreclosure.

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