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5 Ways to Avoid Foreclosure

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Foreclosure is the action of repossessing a home if the owner fails to keep up with their mortgage payments. The reasons homeowners go into foreclosure is usually unpredictable, but can often result from being laid-off, the inability to handle mounting debt, divorce, or even transferring jobs to another state. When foreclosure happens, the owner not only loses their home, but they also would owe their lender more money, and it could seriously damage their credit. It’s safe to say that foreclosures are not fun, so here are 5 tips on how to avoid them.