How Do You Prevent Foreclosure With An FHA Secure Loan?
If you’re having financial problems, you need to prioritize your debts. Keeping up with payments on your home should be at the top of your list. In order to prevent foreclosure with an FHA backed loan, or any type of conventional mortgage, you need to keep the lines of communication open with your lender and take advantage of resources available to help you. Admit you have a problem and don’t live in denial. The longer it takes you to deal with your financial problems, the farther behind you’ll get and the harder it will be to prevent foreclosure. Open and respond to all correspondence sent to you by your lender. Even with an FHA backed loan, lenders don’t want to foreclose on your home any more than you want them to. Ignoring foreclosure notices or letters containing helpful information can only hurt you in the long run. Cut your spending on frivolous or unnecessary expenses. As much as you may want cable television or that club membership, you need to forget them until you’re back on
