Some people are still clueless when it comes to the process of foreclosure.  When your house is subject to foreclosure, you can either go through a judicial or non-judicial foreclosure.  The kind of process will also depend on the location of your house because some states allow both types of foreclosure while some only allows one type of foreclosure.

The foreclose process will not happen if you miss one payment.  The court will generally give a 15-day period for the homeowners to pay their debts.   But if the homeowner still fails to pay after the allotted time, then the homeowner will certainly face foreclosure.  Only after a series of failed payments…

Many homeowners have ended in foreclosures because of the recent economic slump and high rate of unemployment.  These homeowners weren’t able to pay their mortgages causing lenders to take legal action against them.  An effective way to avoid foreclosures without a legal battle is by making a hardship letter.  A hardship letter can be a great decision in battling foreclosures and here are some tips on how to write a hardship letter.

1. You can choose to hire a consultant to write the hardship letter in your behalf or write it yourself.  The important thing is make sure all relevant information regarding your financial status are attached for the benefit of…

The right methods and strategies can effectively help you delay or save your home from foreclosure.  Here are five steps that can help save your home for at least a year or two until you get your finances sorted.

1. Do not move out of your home during foreclosure proceedings because you could lose homeowner benefits and advantages like the one-time FHA mortgage insurance.

2. If you are falling behind with your mortgage payments, work out a personal solution to help you catch up on payments.  Also make sure that your lenders are aware of your financial status.

3. Ask help from credit counseling agencies and debt management companies.  They could suggest alternatives…