Reorganize your finances and re-set your priorities. Don’t be tempted into thinking that you can’t do anything with your impending foreclosure. Reconsider your habits in spending. Find a way to save even some amount of money on everything. For instance, take advantage of sales and discounts at the malls. Cook your own food instead of eating out in restaurants. Join a car pool instead of using your own car. Your way to financial freedom begins with thrifty habits.
Pay your mortgage responsibility if you can. There are two approaches to this alternative: you can either settle with your creditor or file a bankruptcy. It would be good if your mortgagee is willing to negotiate. If you opt to file a bankruptcy, you may get certain protections. The protection allows you to make payments to reduce your debts significantly.
Think about making a sale of a real state property. You may obtain a discount for your mortgage through this short sale. You can walk out of a difficult debt without necessarily affecting your credit rating. The proceeds of the short sale may be used to settle your debts through a mutual agreement.
Don’t wait for things to happen. Take the initiative to make things happen. You just can’t sulk in a corner and allow foreclosure to eat the better of you. Think of the best alternative available for you even before the problem erupts into full blown foreclosure issue you cannot stop. Maybe you can consult with a lawyer or see a tax expert. These professionals can guide you unto the best strategy. A foreclosure option may be the most suitable option for credit protection.