When the lender files a Notice of Default, the homeowners options are more limited. The number #1 tip any financial advisor will say first and foremost is to call the mortgage lender, and let them know what is happening. Keep calling the lender and let them know progress that has been made. It is even better to phone a mortgage lender before a missed payment, as they view that customer pro-active in handling the hardship. Lenders are often reluctant to work out repayment schedules after foreclosure proceedings have been commenced. If a homeowner is at the 90 day mark of missing mortgage payments, they will be publicly in default. The homeowner is then given a certain time period to bring the payments current, and pay the costs of filing the foreclosure and the opportunity to stop the foreclosure. This is often called the reinstatement of the loan. If a homeowner cannot make up the missed payments and the lender will not work with them, here are some options to stop the foreclosure: (Read More.....)
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If you have a lot of debt on many credit cards, a proven strategy that works, is to address the interest rates on your debt. Call your credit card company and ask for a lower interest rate. This is your first step. We give you a simple strategy that will get you excited about reducing your debt that works! 
Some people think that the worst that can happen out of a foreclosure is having 7 years of bad credit, but here are some things you may not have known. Have you heard of what is called a "deficiency judgment"? A deficiency judgment is a judgment lien against a debtor whose foreclosure sale did not produce sufficient funds to pay the mortgage in full. This option may or may not be available to the lender, depending on whether they have made a recourse or nonrecourse loan. 
A Short Sale is one great option for house owners who are left with no options other than foreclosure. They are in a situation where their loan amount is higher than what their home is appraised for. Most often, the homeowner is in a situation where they can no longer pay for their home, because of a job loss, or family problem. In the most common case, the homeowners mortgage is to blame as it resets to an unaffordable amount. 
How can you reduce your debt faster? If you have credit cards that are double digit interest rates, ask for a lower rate. Many authors are cashing-in on this well known secret that many people still don't know. How do I call my credit card companies for a lower rate?