Have you found yourself struggling to pay your monthly mortgage on your Northern Virginia/South Carolina home and are now facing foreclosure?  Unfortunately, you're in the same boat as many homeowners across the country.  You may feel like you have no control over what happens, but you do.  Here are a few tips on what to do when facing foreclosure.

Communicate - Talk to your mortgage company.  Like any relationship, good communication is key.  Ignoring phone calls and letters from a lender will only hurt your cause.  Let your lender know why you have fallen behind on your mortgage payments.  They may actually be able to help find you a program to get you back on track without having to lose your Northern Virginia/South Carolina home.  But, you won't know unless you talk to them.

Foreclosure Alternatives - Just because you have fallen a bit behind on your payments doesn't necessarily mean that you are going to lose your home.  There are several programs out there that offer an alternative to foreclosure: repayment, mortgage modification, government programs and more.  Contact me to find out what options you may have.

Refinance - A foreclosure can ding your credit by as much as 200 points and stays on your credit for up to seven years, hurting your chances of securing funding for a future Northern Virginia/South Carolina home or any other loan.  Before you harm your credit, try refinancing your home loan to obtain a lower mortgage payment.  Interest rates continue to stay at historically low levels. 

Always Be Prepared - The boy scout motto rings true for foreclosures as well: always be prepared.  If you've explored all your options and find that you will still be losing your home, have a game plan ready so that you aren't scrambling at the last minute for a place to live.  You don't want to lose all your belongings as well as your home.  Talk to relatives and friends about possibly moving in with them for a short period of time, if necessary, especially if money is so tight you are unable to find other accommodations.

Try not to let the stress of a foreclosure weigh you down.  Sometimes in life, the road gets bumpy.  Follow these tips on what to do when facing foreclosure and you'll get through it just fine.

Gene Mock, your Northern Virginia, South Carolina and Washington DC real estate specialist