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Foreclosure! Ten Ways to Save Your Home

Thanks to ferocious competition among lenders, a dizzying array of mortgage options, and government policies to encourage home buyers, more people than ever before are able to buy homes. Sadly, the increase in homeownership has been accompanied by record foreclosure rates. Just a couple of missed mortgage payments or a single fraudulent mortgage committed by an identity thief can trigger foreclosure proceedings. 

Before you know it, the home you've worked so hard to buy can be taken from you. Even worse, you may be left owing money if the sale of your home doesn't cover the loan balance, and a foreclosure hits your credit like a freight train. If you're threatened with foreclosure you may be able to prevent this tragic state of affairs, but you've got to act fast. 

Foreclosure Prevention Steps  

1. Make your mortgage payment your top priority. If you're in severe financial trouble, don't worry about credit card bills, personal loans, and other unsecured debts until after you pay your mortgage. Falling behind on these debts can cause you to accumulate fees and can damage your credit, but the consequences are simply not as serious as falling behind on your mortgage, so prioritize your debts accordingly.

No matter what your financial situation, as long as you have debts or regular bills you should prioritize them. Don't wait until you're about to lose your house or are otherwise in a serious debt crisis, because by that point you'll probably need more drastic solutions. Prioritizing your debts, along with making and following a budget, can keep you from getting buried in debt and can help you solve minor debt troubles. 

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