Friday, December 9, 2011

How To Stop The Foreclosure Process

There are an innumerable amount of ways that unexpected hardships can switch the happiness of owning a home into an unimaginaible burden. Perhaps you've become unemployed, or have unforeseen medical bills that are piling up, or your monthly mortgage payments have exceeded your current budget. No matter what the reason or cause of your troubles,turning a blind eye to the problem won't help, it will only make it worse. You must act immediately to fix the problem.

Here is one example of how to stop a foreclosure on your home:

1. Seek Out Other Sources - Most homeowners don't recognize the fact that they have a multitude of resources to draw from that can help in making mortgage payments to prevent foreclosure. Take into consideration the revenue created by unemployment or disability insurance and your savings as possible cash-flow resources. Other examples might include cutting the household budget by trading in expensive items like cars, boats, and motorcycles for cash or lower payments. Even retirement funds can be used, but be aware that many people with access to their retirement funds can be penalized for early withdraw and face increased income taxes.

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