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The realities of facing a foreclosure can be very painful to grasp. A foreclosure not only means the loss of a home but realistically a huge gouge to your credit and a mountain of debt. There is always hope and a road to recovery, but if you are able to catch the foreclosure before there it is finalized you may be able to save yourself a lot of money and hundreds of points to your credit score.

If you find yourself 60 days late on your mortgage you’re not alone. As of December 2011, 2.6 million Americans are in your same boat. It has been a few years since the landslide of foreclosures began cascading over the United States. Thankfully lenders and private companies have come to realize the overall benefit of the economy for millions of homeowners to remain in their homes. Of course, they haven’t made it easy. If you dedicate some time to exhausting all of your options to avoid foreclosure you may just beat that notice of trustee sale.

When you know that you’re not able to make a mortgage payment it is important to notify your lender rather than ignoring and pretending like everything is fine; they’ll notice trust me. You may be able to work out a repayment plan that will allow you to catch up without snowballing your past due payments. There is an option to request a loan modification or even a short sale to avoid foreclosure. There are a few different routes available to you so being prepared ahead of time will make the whole process no matter which one you take, a whole lot less painful.

Times are tough across the country forcing tens of thousands of people into foreclosure or facing the very real possibility of losing their homes.With so many people in the same boat many are left wondering how foreclosure will affect their credit scores.Restoring credit scores are extremely important as soon as possible for so many Americans in order to acquire a rental home and restore a tinge of normalcy to their everyday lives.

Facing the very real prospect of having to choose between squeaking by another month of mortgage payments or paying other monthly bills and buying necessities like groceries has unfortunately become a regrettable realty for millions of Americans.Whether you’re struggling to make your monthly payment due to the loss of a job, an interest rate re-adjustment, ugly divorce, sickness or injury, the question millions are forced to ask, “Should I try for a short sale or go ahead with a foreclosure?” Only use a foreclosure as a last resort The buzzword “foreclosure” is everywhere these days; we all are talking about it.

Facing the very real prospect of having to choose between squeaking by another month of mortgage payments or paying other monthly bills and buying necessities like groceries has unfortunately become a regrettable realty for millions of Americans.Whether you’re struggling to make your monthly payment due to the loss of a job, an interest rate re-adjustment, ugly divorce, sickness or injury, the question millions are forced to ask, “Should I try for a short sale or go ahead with a foreclosure?” Only use a foreclosure as a last resort The buzzword “foreclosure” is everywhere these days; we all are talking about it. 

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