This bitter word - foreclosure. The frustration it has brought into the hearts and minds of so many lately is overwhelming. If you are one of them, please, try as much as you can to stay calm and keep your mind clear. Don’t let anyone take advantage of your confusion. Remember - lenders are usually happier if you keep your mortgage and finally pay it off, rather then you foreclose and they get your property. There are enough scammers, though, who are exactly after your property - don’t fall into their nets. A cold mind and clear ability to analyze are your best partners against scam.

If you feel that foreclosure may become inevitable, don’t wait until it really is. There is a lot of advice (including the Chapter 13 Bankruptcy option) to be found on the Net and even more in the printed media about why and how to try and avoid foreclosure. I won’t repeat here what has already been said many times. I only want to draw your attention to one of the ways that is not mentioned so very often. Partially, I reckon, because it is targeted on quite a limited circle of borrowers, who have temporary financial problems and only need some additional time to attempt to solve them. For them a Forbearance Agreement can be a lifesaver. Read the rest of this article »