Chicago, IL (PressExposure) March 13, 2009 -- Economic recovery has been on the minds of many Americans lately. Itâs needed and wanted and canât come soon enough. In this spirit, President Barack Obama recently unveiled his $75 billion foreclosure prevention plan. The goal of his plan is to help Americans keep their homes and reduce foreclosures. Millions of homeowners have recently lost their homes already to foreclosure and millions more are now facing the risk of it.
The President says his plan can help up to 9 million homeowners.
But while some may be trying to stay afloat until they can feel the effects of the foreclosure prevention plan, there are some tricks of the trade they may be able to benefit from.
According to a recent article on Debtsolutions.com, there are several things a homeowner can do to avoid foreclosure, keep their home, and find their way out of a crushing debt.
The Debtsolutions.com article, â8 Tip to Avoid Foreclosure,â recommends dealing immediately with your lender and keeping the lines of communication open, as some homeowners facing foreclosure may try to avoid talking to their lender at all costs.
âWhether by mail, telephone or email, correspondence from your lender should always be dealt with immediately. Always know what is going on and do not be blindsided by avoiding your lender. Communication is key to avoid foreclosure,â the article reports.
The Debtsolutions.com article also recommends: selling personal possessions, including jewelry, to keep your home from foreclosure; prioritizing spending; and turning to the U.S. Department of Housing and Urban Development (HUD) for help. HUD provides free or very low-cost counseling for homeowners.
âAs the economy slides into recession, more and more Americans will find themselves dealing with the nightmare of foreclosure,â The Debtsolutions.com article advises. âDonât be one of them.â
While the country struggles to get out of debt, itâs up to you as a homeowner to exhaust all possible options to avoid foreclosure.