If you’re facing foreclosure, you aren’t alone as more and more families find themselves at risk of loosing their homes. It’s time you learned how to hang onto your home, and avoid foreclosure.

According to The Council Of Mortgage Lenders by the end of 2008 the number of families that loose their homes will have doubled. So how do you avoid foreclosure and hang onto your home?

1 .       Talk to your lender – Talk to your lender and tell them what’s going on. See if there’s a workable solution. Change to an interest only mortgage, go for a longer term, or even consolidate your other debt into your mortgage with one payment.

2.       Conform to court judgments – If you are behind you’ll likely land up in court. If the court orders a payment schedule that reflects your current situation you need to stick to it, to avoid loosing your home.

3.       Don’t let negative equity spook you – as long as you aren’t planning to sell negative equity really doesn’t mean anything so just sit it out and wait for the wave that will take prices the other way.

4.       Your Insurance – Many times your mortgage requires you to carry insurance for loss of employment. There is usually a disqualification period. Let your lender know that this insurance will kick in at a specific time and then work out an arrangement.

5.       Don’t give up your keys – Every day in the US thousands are turning sending their keys back to the lender and walking away. This doesn’t relieve you of your debt and will destroy your credit. Besides, you have to live somewhere so work with your lender.

Because there have been so many foreclosures the banks are beginning to listen carefully to proposals that aren’t traditional, that work for you and them. They really don’t want your home back so get creative and avoid foreclosure!