The key to avoiding foreclosure starts with the home purchase.
We have a comfort zone that we like to maintain for our mortgage payment. When we exceed this comfort zone, the risk is heighten that the mortgage cannot be paid. To stay in our comfort zone, starts when we first begin searching for our home. When you work with a licensed Realtor, they would want to see a pre-approval letter before they will show you any homes.
The key for staying in your comfort zone is the amount your lender says that you can qualify. If your lender says that you qualify for $1,000,000 mortgage but you are only comfortable paying a $500,000 mortgage, then ask your lender to issue another letter with the adjusted amount listed. Then give your realtor this adjusted amount letter from your lender.
Your realtor will only show your homes that are within the approval range.
If you cannot find homes within your comfort range, then you will need to one or both of the following: negotiate a lower purchase price, and/or increase your down payment.
When you are ready to begin your home search, there is a free application called Mortgage Affordability Calculator available for download at https://sourceforge.net/projects/mortage-calculator/ which will show your affordability value based in your current income and search on the major real estate websites for homes up to your maximum affordability.
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