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Foreclosure! Ten Ways to Save Your Home

Contact Your Lender

Contact your lender immediately if you can't make your full monthly payment. Don't wait for a letter from the bank, and certainly don't ignore their correspondence. Lenders generally don't want to foreclose on properties, and they'll generally be willing to work with you if you make a good-faith effort to make payments and if your inability to do so is temporary.

You will most likely need to provide the lender with bank statements and other financial documents so that they can review your financial situation. They may agree to extend your grace period for late payments or to allow you to skip anywhere from 1-6 payments over a 1-2 year period (a forbearance).

Your lender might also accept reduced payments for up to 18 months. Bear in mind that these remedies are all temporary, and you'll need to "play catch-up" once you're back on your feet.

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This article is a general guide only and is not intended to replace professional, legal or financial advice.

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