To date, there has been a total of 1,917,514 foreclosures nationwide. These numbers are frightening when you think about the number of families that have been displaced because of losing their homes. As a real estate broker and certified housing counselor, I have counseled many people during their time of financial strain. Families are hopeless and scared and often times lack a clear understanding of what they must do in order to “Keep Foreclosure off their credit report” in addition to saving their homes. People from all social back grounds are dealing with the issue of foreclosure mainly because of situations that are out of their control and the astronomical number of adjustable mortgages that increased. So you ask the question, “How can I keep foreclosure off my credit report” and maintain my credit score? Below are a few things you may want to consider in order to Keep Foreclosure Off
-Short Sale – A sale of real estate in which the sale proceeds fall short of the balance owed on the property’s loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the current debtor. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrower.
-Loan Modification – An agreement between the lender and a delinquent borrower that changes the terms of the loan without refinancing the loan. This could mean that your mortgage payment are lowered.
-Deed in Lieu of Foreclosure – An agreement where a delinquent borrower gives the lender the deed and the keys and moves out of the property in exchange for forgiveness of the loan.
-Special Forbearance – A written agreement between the lender and the borrower which contains a plan to reinstate the loan that has been delinquent for more than 90 days. In this case, lenders will sometimes suspend mortgage payments to allow the borrower to recover from the cause of the default.

It is very easy to skip paying bills and the most difficult part is to cope with mortgage payment. It is very essential to set aside money for mortgage payment as soon as possible. If it is not possible for you to set aside money to pay the bills properly then you must look out from having to lose your property. If you are unable to make payments before the due date, then you are said to be in breach of your contract and you are in serious trouble. You can get a list of companies that may come forward to help you out. This list can be got from your mortgage company as well. One must take care that you contact the right kind of people as the rules are different depending on the area of residence.

The laws vary widely from one state to another. One must make sure that the conditions are met properly. When talking to these places, we will be introduced to numerous agencies and people that may come to help you out. One must know that there are many places where immediate help is available. One must always make sure that others or other companies must not take advantage of you. There are always a few who want to put into trouble and make money out of it. These people will only take away your money and push you into deeper trouble. If by any means you get caught with such peoples it becomes nearly impossible for you to come out of it. One must be very careful when dealing such matters.

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