Need Help Avoiding Foreclosure?

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Updated: 1/9/2008 12:05:09 PM

(ARA) - Are you having trouble keeping up with your mortgage payments? Have you received a notice from your lender asking you to contact them? If so, you may be in danger of losing your home to foreclosure, something you want to avoid at all costs.

Foreclosure has all kinds of negative repercussions. Not only do you have the emotional upheaval caused by losing your home, but the stress of having to find another place to live, and then you have to deal with the harsh reality of the financial implications.

These include the possibility of losing the appreciated value of your home and the equity you have in it; the destruction of your credit report; and the risk of jeopardizing future employment opportunities as many employers now run credit reports on potential employees before hiring. But the good news is there are steps you can take to keep this from happening.

Among the options you have…

* Converting adjustable-rate loans to low, fixed rate loans;
* Getting a 10-year loan extension, which allows you to bring the monthly payment down;
* Obtaining a permanent interest rate reduction to lower payments.

How do you know which option will work best for you and how to implement it? By turning to a pre-foreclosure advisor for help. If you don't feel comfortable talking to your lender, log on to www.ehomeassure.com and make an appointment with an independent counselor who will review your financial situation to determine which options are available to you.

Remember, time is of the essence. The sooner you get to work, the more options you'll have available to you.

Copyright © 2007, ARAnet, Inc.

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