by Tracy R. Campbell

Created on: February 01, 2007   Last Updated: April 18, 2007

Foreclosure is something no home owner ever wants to face. Unfortunately, not every home owner can avoid it. In my 10 years working in the foreclosure department in an Atlanta law firm, I've talked with many a home owner. Each one had a story as to why they were in foreclosure- a spouse lost a job or became very ill, a family member died, there was a divorce and the spouse who got the house failed to pay the mortgage, the property is a rental and the rent wasn't paid, or the home owner is a real estate investor and just couldn't rent or sell the properties to keep up the mortgage payments.

While not everyone can avoid a foreclosure, there are ways to help prevent it before or when hard times come. Believe it or not, lenders are not after your home. They just want their money. Most lenders are willing to work with you so you can keep your home and they can get their money.

Here are some tips (not legal advice) to help you avoid losing your home through foreclosure:

1) Try to save enough money to pay at least three months worth of mortgage payments. That way you know you have a cushion of at least three months should a crisis come up. Most lenders will not initiate a foreclosure action until an account is three months behind. So, if you can pay three months of payments during your crisis, you still have another three months you can miss before most lenders will attempt to foreclose.

2) If you are unable to save enough money to pay three months worth of mortgage payments, have alternate sources of money you can draw from such as a 401k or other investments that allow you to make emergency withdrawals.

3) Ask family members or friends if they can loan you some money. You may not be able to get a huge amount from one person, but you may be able to get several small amounts from several different people that add up to what you need.

4) Contact your lender's Loss Mitigation Department. Some of them won't be able to help you until you are actually behind on payments. I wouldn't wait longer than being four to six weeks behind on payments before contacting them. Explain your situation and see what assistance they can offer.

5) If you are a member of a church, synagogue, or mosque (depending on your faith), ask them if they can offer you some financial assistance. There's nothing wrong with accepting charity when you have a need.

6) If you know you can't stay in the home but don't want to have to go through a foreclosure, try to sell your home. This can be tricky though. For

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