Foreclosures cost Lenders big. A single foreclosure costs a lender an average of $50,000, according to one study from Congress’ Joint Economic Committee. So, rather than just go down defeated, try make a deal with your Lender. Here are some of the things you and/or your Lender can do.
A. Lender bailout programs
Some lenders, e.g .Countrywide Financial are offering to assist home owners:

  • pledged to refinance, restructure or reduce rates ARM clients
  • restructure loans based on what borrowers could afford

B. Community “save a home” efforts
Your community or city may be having efforts to try save homes. Find out from your city what such programs exists.

 

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