When looking down the barrel of a potential foreclosure most people's reaction is to become combative and hostile towards the lending company.
I won't lie to you; this is a very natural reaction.
However, this is also the least productive option you have.
If you want a chance at keeping your home you have to do several things, the first of which is to be calm, and contact the lender.
After you contact your lender the next thing that you need to do is to plan a course of action.
Now while not all lenders are going to be hostile or uncooperative, they don't have your best interest in mind.
Luckily, the government has a bevy of free counselors on call 7 days a week to help you decide what to do next.
Here are a few options to explore based on your individual situation.
1.
Lender Uncooperative.
Back in the old days there used to be little you could do with an uncooperative lender.
However, nowadays there are a number of options available to you.
By coming into contact with a government counselor they will advise you on your rights and legal options on a state-by-state basis.
2.
You Want to Stay: Bank is willing to work with you.
The most common situation that you are going to encounter is a lender that wants to keep you in the home.
The secret is that they want your monthly, hassle free check, and not a piece of property that they have to sell.
Never underestimate the power of your position: lenders are not real estate companies for a reason.
3.
You Need to Leave: Bank is Helping.
Sad-to-say, but sometimes you are just financially overwhelmed by the house that you have.
In this case, the best thing that you can do is to try and minimize your financial damage.
This means working with the bank to maintain your current credit score and to do everything you can to stay in the house until you have a new residency.