Owning a home is very gratifying, but it can also be stressful. Making payments can be tough if you’ve lost your job or had other financial troubles. Many homeowners are forced to go through the foreclosure process as a result of economic downturns, bad luck or poor money management. Foreclosure isn’t only emotionally difficult; it takes its toll on your credit, too. If you’re worried about foreclosure, you might be able to prevent or delay it by taking certain precautions.
Ignoring mortgage payments only brings foreclosure closer. Talk to your lender about your situation; if you communicate with the company as soon as possible, someone might be able to help you keep your home.
For more tips on preventing foreclosure and managing your mortgage, go to GOBankingRates, where you’ll find helpful how-to articles, comparison tools and expert financial advice.