How to avoid home foreclosure?

Are you facing problem of foreclosure? It is really a tough and scary situation to be in. Do you want to know the ways to avoid home foreclosure? Go through the article carefully.

First of all you need to make it sure that what you read, listen and who are you believing. If anyone say that you can avoid home foreclosure without paying to your lender is wrong. There is no other ways to avoid home foreclosure but to pay your lender. But don’t worry, there are several ways or options by which you can pay to your home lender and can avoid foreclosure.

At the time of buying your home either you give your home as mortgage or a deed of trust. Whatever you do the result will be the same if you don’t pay to the home lender. You will lose your home. Now you need to know how you can avoid foreclosure.

1. First of all you can talk to your home lender. The home lenders want to make money from their business; they don’t have the intention to take your home. So if you talk to your lender and discuss your problem properly then he can allow some easy payment options for you. In this way you can keep your home and avoid foreclosure.
2. You can take another home loan to payoff the existing loan.
3. You can file chapter 13 bankruptcy which will allow you an easy payment plan ordered by the court.

Follow the above mentioned options to avoid home foreclosure.

What is Bankruptcy List?

Bankruptcy list is a list of individual, firms and organizations that had been declared legally as financially bankrupt. It means the US Bankruptcy Court has been legally discharged their all debts. The Court publishes this record or information publicly. Some companies are specialized in gathering these information or records and selling it to the various credit companies and other marketing firms.

From the bankruptcy list, marketing companies will find your name and soon will be sending you mails with various offers. The mails will include offers like credit card after bankruptcy, credit counseling, financial management programs and other type of loans to you. Within one month after you have been discharged by the court, you will find that your mail box is full with all these offers. But the strange thing is that maximum of the offers are scams. But it doesn’t mean that you will not get good offers, some offers may help you to improve your financial circumstance. There are some legitimate companies that can provide you good offer; however it requires good market research.

Among the offers most of them will be from credit card companies, but you must think whether you should avail further credit cards or not. All credit counseling companies will suggest you not to use credit cards for at least one year and live on a cash basis.

Why you need insurance?

• Protecting your home

Home investment is the largest investment for many of us. When you purchase a home taking a mortgage loan, you need to cover it with some insurance program so that you can protect your home investment from possible loss like fire, theft, wind damage etc. You have to purchase different insurance policy for all those protections. But all these insurance policies are important for us because we never know what is going to happen next day.

• Protecting your Car

When you purchase a car, it is mandatory to purchase an insurance policy from any company. But why you need insurance for your car. It is very simple that when your car is on the road, there is every possibility of having an accident. To save your investment on car you need to have Insurance coverage on it.

• Protecting your life and health

One of the most popular insurance is health insurance. People are very conscious now a day about their health. We all know that we don’t have the control over diseases. At any time we can get injured or can attack by fatal diseases. We also don’t have to control over our life. We don’t know what can happen tomorrow, we may die also. Think if this happen then what will be the condition of your family members who are dependent heavily on you. So it is important for us to protect our life with an insurance policy so that we can recover from future problems.