Losing your home to foreclosure is a dramatic experience. Where are you and your kids going to live now? Who will be able to help you get back on your feet? How is this going to affect your credit rating? Will your ever be able to buy a home again?
These are all very good questions that will take you a little bit of time to answer. But if you have found this posting before the bank has foreclosed, then you still have a fighting chance to save your home.
The first thing that you need to do is prioritize your budget so that you can make regular payments on your mortgage. If you have been neglecting your mortgage to pay credit cards, then shame on you. Reorganize your bills to pay the following in this order.
1) Mortgage
2) Utilities
3) Transportation (Car, Gas, and Insurance)
4) Groceries
Next contact your mortgage company and look to come to an agreement on how you will pay back your past due amount. Some banks will allow you to break the payments up over the month. There are some mortgage programs out there where the bank may forgive. But you need to contact them to get the information.
If you are jobless, you need find a way to start making money. Take what ever job you can in order to start generating some sort of cash flow.
The key here is to make sure that your mortgage payment is the one payment that you will never miss again. It should have top priority.
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