There are many people across the country in the same situation as you. They are either laid off or just making less money and are having a hard time paying their bills including their mortgage. You are behind on everything from credit cards to utilities to your mortgage and your lender is out of patience. The lender is calling you constantly and telling you your home will become a bank foreclosed home if you do not pay. Where is the money going to come from, though? You just do not have it. Then the bank goes ahead with their threats and your home is in foreclosure. You get the official word from the lender through the mail. If your home is not a bank foreclosed home yet, there are still things you can do to stop the process. You should communicate with your lender before it gets that far. Tell them what your situation is and what is causing your financial problems. If you are honest with them, they are more likely to work with you and try to help you out. You may have to put everything about your financial situation in writing and sign it so they have a copy for your file at their offices. The more information you can give them the better. Let them know what other bills you are struggling to pay and more importantly, what you are doing to try and get your finances back in order. Tell them about your job search or your efforts to borrow money from your family. The more you communicate with them the more they will work with you so just take whatever help they offer and be glad they are doing something for you. Whatever you agree to, make sure you live up to your commitment. You need to do whatever it takes to stop your home from becoming a bank house foreclosure and the best way to do that is to get your lender on your side. You want them to be your friend not your enemy in this situation. Once the bank foreclosed home papers are filed, there is no taking them back no matter how nicely you ask. You can even catch up on your payments and the foreclosure process is still potentially going to go through. As soon as you get the notice of foreclosure from your lender, there are some things you need to do. The longer you wait to do something, the more the lender is going to add fees and fines to your account balance making a bad situation even worse. You need to find a resolution as soon as possible.
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