Home Foreclosures: The 3 Rules of Foreclosure

The 3 rules of foreclosure are actually common sense steps homeowners should take if foreclosure is a very real possibility in their near future. In fact, you can find these 3 rules on not only a U.S. government website but privately owned sites as well.

Because these rules are actually in the public domain no one owns them and no one should be allowed to own them. They could be looked at as foreclosure medicine.

Rule #1: Contact your lender as soon as you know your payments will be late.

Doesn’t this make sense? Who else should you contact if not your lender? They are the only ones with the power to help you. They are the only ones who can a work out on your loan.

Rule #2: Never ignore the lender's letters or phone calls. Ignoring the problem won't make it go away.

Unless you are an ostrich, don’t put your head in the sand. Pay attention to all of the correspondence coming your way from your lender. Just as in Rule #1, the lender is the only one who can help you.

Rule #3: Never assume your situation is hopeless.

This is akin to 100% total despair. If you look at the word assume you see the first three letters spell ass. The fourth letter is a u and the last two letters spell me. Put them together and it reads when you assume you make an ass out of u and me. Rather than assume begin working actively to do what you can to salvage your situation.

These rules are meant to guide you down the correct path. Pay attention and follow them and you may just save your home.

Tom Koziol is a Foreclosure Consultant, Investor and author of the much heralded guide - Home Foreclosure Profits. Find Out More at: Home Foreclosure Profits