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You have options besides foreclosure

Foreclosures affect many people each year; it's estimated that one out of every 200 homes ends up being foreclosed on, which can result in thousands of people facing foreclosure at some point in their lives. The Mortgage Bankers Association states that 250,000 families enter foreclosure every three months.

Foreclosure doesn't have to be the only option you have when you're in debt. Sometimes, there are ways to negotiate your debts to catch up on your bills. You may also be able to enter into bankruptcy, which may be able to protect your home and stop foreclosure activities.

Mortgage lenders also offer several kinds of help for those struggling to pay. Unfortunately, Freddie Mac performed a study in 2005 that showed that over six in 10 homeowners who were behind in mortgage payments didn't know those options existed.

Foreclosures aren't a good option for lenders. These foreclosures typically result in a loss for lenders, which is why other options may be offered to avoid foreclosure. Most of the time, lenders can experience a loss of between 20 to 60 cents on the dollar, as of a 2006 report from Mortgage Banking; regardless of how much is lost, it's expected that the lender will lose around $50,000 or more on a foreclosed property.

This can work in your favor, because lenders want you to stay in the home and pay your mortgage. Our website has more information about how to get ahead on your bills, so you can stay in your home. Whether you're looking at bankruptcy or other options, you deserve to understand the processes available to you.

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