If you are not careful with the current economic crisis you could find yourself like many others have the bank or other financial institute taking foreclosure proceedings against you.
In recent months there has been a steady increase in the number of people who have lost their homes but if they had been a bit more savvy it may not have been the case.
In this article we offer some tips on how to avoid foreclosure on your home before it is too late.
Tip 1 - Don't be afraid to contact a financial adviser or a HUD Approved housing counsellor to seek advice to help prevent you losing your home.
Not only will these people be able to help you get your finances in to better order but will also help you find out what options you have to prevent you losing your home.
The great thing about using the services of a HUD Approved housing counsellor they charged very little if no fees at all for using their services.
However, they may charge a nominal amount to act on your behalf when negotiations need to be undertaken between you and your lender.
Tip 2 - As soon as you recognize you are having financial problems you need to start prioritizing how the money you have coming into your home is spent.
So start looking at your budget as it stands currently and start to eliminate those things that are actually using up vital funds that can be used elsewhere.
If you have to stop paying the monthly fee for having all the premiere satellite channels you currently have or that gym membership that you only use once a week.
These monies you can then use to put into savings or to help increase how much of your mortgage is paid.