While it may seem obvious to say, first and foremost, the best approach to not having to deal with foreclosure is to make sure you make all your mortgage payments as timely as possible. Given the current state of the economy though, and the instability of jobs these days that’s often far easier said than done. The other strategy to keep in mind, is to be sure to live within your means. While it would be nice, to live rent and mortgage free, I understand that for everyone that’s not possible. The trick I think, is to make sure their first home you buy is easily manageable within your budget. That way when things go wrong, as they inevitably do you’ll be protected to a degree.
When and if none of your preventative measures have been enough to protect you from a foreclosure, it makes sense to have the best foreclosure attorney at your disposal that you can afford. Which even though that may not be very much money, in the long run it’s a much better choice. It’s good to keep in mind, that no one, including the banks want to go through a foreclosure process. All parties including the financial lender are more interested in having you stay in your home and make payments. So be rest assured, that lawyers on both sides of the table will do everything in their power to keep from having to foreclose on the property.
Choosing the right attorney can be difficult, due to the mitigating financial situation during a foreclosure. In this case it’s likely best, to rely on recommendations from family or friends that may have gone through the situation. Or at least know someone else that has had to deal with a similar foreclosure. Some attorneys may work on the premise of only being paid if they win the case. This turns out to be a win-win situation for both parties involved. For you, the risk (in greatly reduced financial times) is greatly mitigated.