When trying to determine the best course of action in how to avoid foreclosure, many people are overwhelmed by all the information being given to them. In some states the foreclosure process can be very long. In places like Florida, the foreclosure process can take six months or longer. The number one rule in how to avoid foreclosure is: The sooner you begin to search for a solution, but more options you will have. These options include: leasing your property, selling your property, catching up the payments and remaining in your property, or as a last resort filing bankruptcy. As time goes on your options become fewer and fewer. When you’re only one or two months behind, your lender is generally more apt to work with you. If you have recently become unemployed and cannot possibly make your mortgage payments this is the time to think about leasing your house out. With a renter in the property paying the rent you will be able to cover your mortgage payment and avoid foreclosure while keeping your asset and possibly being able to return to it someday.

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This is a quick overview of some of the things you need to know if you want to work out a mortgage loan modification with your lender. If you are able to come to an agreement, you may be able to use this to keep your home and stop it from going through foreclosure. There is one thing you should keep in mind before you start negotiating with your lender for a loan modification. The people you will be talking to have a job to do, and that job is to get you to agree to pay as much as possible so that the bank makes the best deal for itself. Nothing you say to the loss mitigation employee is confidential. It can and will be used against you, so watch what you say. Prepare yourself thoroughly before you speak to your lender’s loss mitigation department. Arm yourself with copies of all of your bills for the past year, both paid and unpaid. Also have copies of your pay stubs or other proof of income for at least one or two months. You might also be required to produce copies of your tax returns for the past two to three years. If there is a specific hardship that has come up which has impacted your ability to pay, you need to be able to prove it.

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