Foreclosure University Forum


Avoiding the F- word (Foreclosures)

by joycehoward, Los Angeles, California, Tuesday, January 21, 2014, 21:33 (2260 days ago)

The F-word is an awful word. It’s something you definitely want to avoid. We’re talking about foreclosure of course. There are a few different ways foreclosure can happen, but generally, foreclosure occurs when the lender takes possession of your home and auctions it off because you have fallen behind on mortgage payments. In short, foreclosure means you lose your home. Fortunately, when you are faced with foreclosure, there are a number of options available to you that may allow you to keep your home. Here’s a look at a few of them.

Ask for help

This is a difficult one for many people. No one likes going to friends or family for help. But if it can make the difference between keeping your home and losing it, it’s worth a shot. They can help by paying some or all of the delinquent amount on the mortgage (less likely) or they can help with refinancing or by cosigning on the loan.

Rent or sell

While this option still requires you to move out of your home, you can still keep your home (if you rent it out) or at least get out from under your mortgage without damaging your credit score as much. If you decide to rent out your home, you can use rent payments to catch up on your mortgage payments. If you sell your home, you can use that money to pay what is still owed on the home. If you owe more than the home is worth, you may be able to approve a short sale through the lender or work out another way to pay off the difference.


Remember that the lender isn’t out to get you. They lose money on each foreclosure, it’s their way of cutting their losses and moving on. Your lender would much rather see you catch up on your mortgage payments and stay in your home. As a result, most of the time your lender will be willing to work with you as long as you are open and honest about your financial situation. You may be able to work out a repayment plan that is more feasible for you. The best time to talk to your lender is just after you experience financial trouble, not when you’re thousands in the hole.


Bankruptcy is a last resort as it doesn’t really stop foreclosure but it can buy you more time. Bankruptcy forces an automatic stay on all legal proceedings against you such as foreclosure. Consult with a bankruptcy attorney to see if this is an option that could work for your situation.

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