Facing  a foreclosure is a scary thing, but there are things you should do - and shouldn't do - to avoid making the situation worse.

  DO answer the phone and read your mail.

Avoiding your lender won't make the problem go away. In fact, it will only make the problem worse. Your lender may be able to help you, so be sure to answer the phone and read any mail they may sent you.

  DO realistically assess your situation.

Is your financial problems temporary? If you are temporarily out of work and will be fine once you find a new job, call your lender. Lenders may be able to offer a forbearance or repayment plan.

DO consider your options.

If you are not in a position to keep your home. consider selling it before you face foreclosure. If you have already missed a mortgage payment(s) you should consider a Short Sale, if the value of your home is less than your mortgage balance, which would avoid forclosure.

DO be aware of certain financial responsiblities.

Even if you lender sells your property, you may still be responsible for the difference in the sale price and what you owe. It is also important to realize that you may be responsible for certain taxes when a lender forecloses on your property. However, the IRS does provide tax relief in certain situations. DO protect your wealth.

DON'T ignore the problem.

It may be possible to keep your home, but if you wait to take action, fewer options will be available. You have certain rights and can take certain actions to help keep your home; however, you only have a limited time to assert those rights or take those actions. Talk to a lawyer or legal aid organization.

 DON'T convince yourself you can afford to stay in a home if you can't.

Most lenders will only lend what a borrower can afford, but some less scrupulous lenders will allow borrowers to get in over their heads. A home that was affordable becomes unaffordable due to changes in your life circumstances, payment adjustments, etc. If your mortgage is truly beyond your means due to current  circumstances you should consider selling your home before the only option left is foreclosure.