If you have missed mortgage payments or think you will miss future payments, you may find yourself in danger of foreclosure. It is important to understand, however, that lenders do not want to "repossess" your home -- they are much more interested in seeing that payments are made each month as agreed in the mortgage terms. As a general rule, lenders only begin the foreclosure process when all else fails.
Therefore, the best way to avoid foreclosure (besides making all your payments) is to address the issue as soon as it occurs and to keep the lender informed at all times. BALANCE can help you understand your options when you are having financial difficulty.
Call us at 888-456-2227 to speak with a counselor. Or review our publication Early Delinquency Intervention: Saving Your Home from Foreclosure (PDF).