There are a number of different events and situations that lead
homeowners to the brink of foreclosure, including an unexpected job loss,
or even a severe medical emergency. However, a number of other actions,
even simply choosing the wrong type of loan when you purchase your
home can also send you into similar dire financial territory.
If you should happen to take on a riskier loan, even if you do not have to
pay a lot of money right from the start, you can find yourself facing
foreclosure, especially if the interest rate on your loan is a variable rate
meaning that it can go up when interest rates increase every year.
It does not really matter what the reasons are for your dire financial
problems. What does matter is that all is not lost. There are options and
alternatives available to you that are well worth trying. You still may be
able to save your home, by filing for bankruptcy, or re negotiating your
mortgage. If you want to try to save your home by avoiding foreclosure,
then you will benefit from reading the entire book.
Keep in mind that avoiding foreclosure is no picnic. You will have to work
hard, and be patient, but it is quite possible for many people to do so
above all else: Do not give up.