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Avoid foreclosure with these helpful tips

If you're concerned about your home entering into foreclosure, there are some tips the U.S. Government has provided that could help you avoid or slow the foreclosure process until you can get back in control of your finances.

The first thing that you need to do is to acknowledge the issue. If you receive a foreclosure notice in the mail, make sure you talk to your creditors and let them know your situation. Sometimes, they can help you adjust your payments or catch up if you're behind. Other times, you can at least know that they're aware as you decide on bankruptcy options or other things you may choose to do to prevent foreclosure.

You can try to prioritize your spending to avoid foreclosure, too. If there are any cuts you can make to make paying the mortgage possible, then it may be time to make those cuts. Things like cable or gym memberships can wait, but your loan won't. The Department of Housing and Urban Development also suggests delaying credit payments, but understand that this could result in higher payments and hits to your credit down the line.

Another option you have is to consider bankruptcy. Many bankruptcy options provide you with certain limits on the items you can keep. For instance, if you want to keep your home, it may fall under the home allowance provided during bankruptcy. The bankruptcy stops all collection activities, including foreclosure, so you can focus on rearranging your payments and debt to make paying for your home possible. This is just one of many options you have, but it is worth looking into.

Source: U.S. Department of Housing and Urban Development, "Tips for Avoiding Foreclosure," accessed May. 13, 2015

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