How to Stop Foreclosure - Tips to Keep Your Family Off the Street

April 13, 2010 - PRLog -- Current elements in the economy have created a number of reasons why it is becoming increasingly more challenging to stay current on mortgage payments. Here are some tips to keep your family off the street.

Hector Milla Editor of the "Best Mortgage Loan Modification" website -- http://www.BestMortgageLoanModification.net -- pointed out;

“…Find out exactly how far behind the mortgage is. Foreclosure may be several weeks or months away. There may be time to find a solution to become caught up on the missed payments. Writing down the actual amount that is due can help to start forming a plan to attack the past due house payments…”

Assets

Think of assets as any item in the household possession that can be liquidated for cash. Take an inventory of the items of value located within the home. There may be antique furniture, electronics, computers, collectibles, jewelry, outdoor sports equipment, and non essential furniture. These items can be sold immediately at a yard sale, classified ad, or through online auctions.

Consider selling all vehicles that are not used as the main form of family transportation. This may be a second or third vehicle, motorcycles, and bikes, off road vehicles, boats, and motor homes. It may be painful to sell these items, but these items can always be replaced when the financial situation improves.

Real Estate Sales

Think about selling the home while it is still an asset to stop foreclosure. If there is any equity in the home, or a substantial amount that has already been paid on the mortgage consider the financial benefits of selling. The home may sell quickly with a slightly reduced price that satisfies the bank loan. An experienced real estate agent can research the market price of the home.

Landlord

The home may be able to be leased for six months to one year to another family. Collect the first month’s rent, last month’s rent, and security deposit to bring the mortgage up to date and stop foreclosure. If the home is in a college town, consider renting out each room for a flat rate. The garage and other storage areas in the home can be rented at a fixed monthly rate.

“…It is possible to stop foreclosure when immediate action is taken. If the home is rented to tenants or sold to satisfy the mortgage loan obtain a rental home or apartment in a safe neighborhood. Use these tips to help keep your family off the street when facing financial challenges…” added H. Milla.

Further information about how to get professional assistance with a mortgage loan modification by visiting; http://www.BestMortgageLoanModification.net