Are you looking for some reliable advice on buying a home, bank foreclosure, credit issues or mortgages? Here are some good tips to get you started so that you don’t start dreaming of bank foreclosure.

Step 1: Be Conscious of the problem
You must face the problem with courage the moment you understand that you are far too behind in your loan repayments. Don’t be like an ostrich that buries its head in the sand the moment it is presented with a difficulty. Not if you want to actually lose your home. The real estate dynamics may baffle you but be realistic. You can avoid bank foreclosure by understanding the problem and facing it squarely.

Be aware that a bank foreclosure would definitely take place if you have missed consecutive payments on your loan or the mortgage. You may have reasons to justify why or how this may have happened but it doesn’t really impress the lender. A lender wouldn’t care about the reasons at all. Still your first step should be to request for a reinstatement with a lender. This would only be possible if you can whip up a lump sum amount to ensure or update your pending updates till that date.

It can be due to many reasons but the lender is more concerned about his loan more than why you missed the payment. So the first thing the lender will do if you miss payments is initiate a process of foreclosing the property. If you aren’t keen about reinstatement, another option for you is to go ahead and request the lender for forbearance. This means that you would be allowed to delay your payments for a short duration and then pay the required amount so as to ensure that the payment remains up to date.

If you feel that the funds would be manageable within a lesser time span, take the liberty to suggest this to the lender and combine the forbearance along with the reinstatement as a double bonus.

Step 2: Sell Your Home
If you know that it is simply impossible to pay back the loan, you have just one best option to consider, that is, to sell you home directly to a buyer. This will prevent bank foreclosure or else your home would figure among the bank foreclosure listings.

Step 3: Research Bank Foreclosure Prevention solutions
However painful it maybe, you should search the Internet for information to enable bank foreclosure prevention. The following site would also be of some help to you so do check at www.fha.gov/foreclosure/index.cfm.

Step 4: Get In Touch With a HUD-approved housing counselor
For persons like you, the U.S. Department of Housing and Urban Development (HUD) offers free or very low-cost housing counseling throughout the country. The reason is to promote a correct understanding and awareness through its network of housing counselors. The main task of the counselors is to make you understand the law and what your options are to prevent bank foreclosure without too many hassles and even represent you for the process of negotiations that may be initiated with your lender.

With these tips, go ahead and be conscious of ways to combat bank foreclosure.