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Hard financial times happen to all of us.  But, when your financial hardship turns into a failure to make your home mortgage payments, foreclosure may occur.  If that happens, you're not only likely to lose your home, you may be subject to a deficiency judgement for additional funds owed.  Both foreclosures and deficiency judgments could seriously affect your ability to qualify for credit in the future.  Below are some tips on avoiding foreclosure.​

1. Take Action Quickly

Don't ignore the problem.  The further behind you become, the less solutions you'll have available.  It  harder it will be to reinstate or modify your loan, and you will be more likely to lose your house

2. Contact Your Servicer

Lenders typically don't want your house.  They want to make money from the interest you pay on your mortgage.  They will typically offer options to help borrowers through difficult financial times as long as they see it as a good financial situation.

3. Open Your Mail

It can be hard to look at mail when you know there are bills and limited funds to pay them.  But, the notices you receive from your lender may offer good information about foreclosure prevention options that are available.   They are typically time sensitive, so opening them immediately is critical.

4. Know The Process

Make sure you understand the foreclosure process in detail including the difference between a judicial and a non-judicial foreclosures.   There are several different stages in the process including a Notice of Default, Notice of Trustee Sale, and Auction Date

5. Understand Foreclosure Prevention Options


Valuable information about foreclosure prevention (also called loss mitigation) options can be found on the internet at

6. Contact a HUD-approved housing counselor


The U.S. Department of Housing and Urban Development (HUD) funds free or very low cost housing counseling nationwide. Housing counselors can help you understand the law and your options, organize your finances and represent you in negotiations with your lender if you need this assistance. Find a HUD-approved housing counselor near you or call (800) 569-4287 or TTY (800) 877-8339.


7. Prioritize Spending


Your most important bills are health.  If you're not healthy physically and mentally things can get dramatically worse.  Your housing payment should be your second priority.  Make these two payments your priority and delay payments on credit cards and other unsecured debt until you catch up.  Also, be diligent about cutting expenses everywhere possible.   Eliminate cable, memberships, eating out, entertainment, etc. until you've had a chance to get back on your feet.

8. Review Assets & Income

Look for assets that you can sell (jewelry, cars, furniture, etc).  You'll be surprised what things you can potentially turn into cash. Also, review your opportunities to increase your income.  Can anyone in your household get an extra job to bring in additional income?   Do you have an extra room you can rent out?  

9. Avoid Upfront Fees

Never pay upfront fees for foreclosure prevention assistance.  This is typically against the law.  Many for-profit companies will contact you promising to negotiate with your lender, but charging an upfront fee to do so is a giant red flag! 

10. Don't Sign Over Title

Never sign over title to your property.  Any person or firm that claims they can stop your foreclosure once you sign over the title is acting illegally.  Never sign such a document without reading and understanding all the terms and getting professional advice from a company like Keep Your Keys or a HUD-approved housing counselor.

Keep Your Keys

Keep Your Keys is highly experienced in helping homeowners stop foreclosure.   With our 5 star reviews and exceptional customer service you would be hard pressed to find a better partner.   Leave your checkbook at home and contact us today for a no cost, no obligation, appointment to get started. 

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