If you're facing a foreclosure, the first thing you need to do is to take a deep breath. Really! When you're in the middle of a big problem that you don't know how to handle or how to solve it, one of the things you need to be able to do is to maintain your calm, for as hard as it may be. There's no point in getting anxious, angry, frustrated. At this point, you just need to deal with the situation the best way you can.
So, in order to help you, here are the top mistakes most people in your situation do. By looking at them and learning from them, you'll be able to avoid them and to make better calls.
#1: Ignoring Your Lenders:
No matter how embarrassing it may be, you just can't avoid your lenders forever. The truth is that the problem won't go away because you ignore them. In some occasions, your lender may actually have a proposition or deal to offer you that allows you to save your home.
#2: Not Trying To Restructure Or Negotiate:
When you're dealing with a foreclosure, you may become hard on yourself and may lack some good sense. When you look at this from an outsider perspective, you'll understand that the lender doesn't have any interest in taking your home. And in case you think that just because you can't make your payments that foreclosure is your only option, you're wrong. When the lender takes your property, they will need to pay the taxes, the loss of payments, and keep up the property. So, a restructure is almost always possible, but your lender may not let you know that right away . And the only way to find out is to talk to your lender.