Very few Americans are financially secure enough to be immune to unforeseen catastrophes that life often sends us. The loss of a job, a sudden illness or death, or as many homeowners have come to learn with disastrous consequences, a continuing rise in the prime lending rate, may be all it takes to lead some of us to the brink of foreclosure.

While you and your spouse may be working two or even three jobs just to try to stay ahead of your mortgage payments, you're being hit by the ever-increasing costs of living. Fuel costs, food costs, and the normal every day costs of running a household are conspiring against many people from making their mortgage payments on time or at all. What most people need are tips or suggestions on how to avoid foreclosure and get the much needed time they need to turn their finances around. So, what options are there to help you avoid foreclosure?

While this advice may come a day late or dollar short, the best time to stop foreclosure is before you have ever even missed a payment. The point is that as soon as you see financial trouble brewing, even if that means that you're only starting to dip into your savings to me to day-to-day expenses, you should be talking to your lender right away! You need to maintain an open line of communication with your lender and be able to explain and document the nature of your financial situation.

You could also investigate other loan options to tide you over in order to stay current on your existing mortgage until your financial problems have been cleared up. It's absolutely critical that you stop foreclosure from damaging your credit score if you can. Having a foreclosure in your past, may prevent you from qualifying for mortgage in the future. By getting out in front of your financial problems before you actually fall behind on your payments will greatly improve the odds of saving your home and your credit history.

When you reach out to your lender you have to be completely above board and honest about the reasons for your financial shortfalls. If your lender realizes that your situation is temporary, and that you've always been able to maintain your payments in the past, then the chances of them working with you to avoid foreclosure will improve dramatically.

You see, lenders are as reluctant to foreclose on homeowners as homeowners are to be foreclosed on. The last thing in the world your lender wants is to be a landlord. It's definitely to your lender's advantage to keep you in your home, even if you're paying reduced payments until your finances get better.
Also realize that you're not the only one in this particular situation and that your lender might even be willing to discuss alternatives to your existing loan program. But you must provide solid evidence of why and when you expect to resume a normal payment schedule and you have to act fast.

In the end the responsibility of working with your lender and preventing foreclosure, is yours. You need to be capable of providing a clear and accurate picture of your finances, and you should always keep a written record of your dealings with your lender. Make no mistake, this will be hard work, but it will also most definitely be worth the effort.

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