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As the Housing Crisis Continues, a Guide to Surviving Foreclosure

Although Massachusetts has not been hit as hard as California, Nevada, or Florida with the number of foreclosures, there are still many more than in the past. With the economy only slowly ticking upward and the housing market still languishing for sellers, it's more difficult than ever to avoid the potential for the worst.

This is why FindLaw has put together a mini-guide dealing with how to avoid or survive foreclosure proceedings. The guide provides you with helpful information as well as links to sites where you can find more information or contact a lawyer.

The act of just buying a house is confusing enough as it is. Foreclosure proceedings are similarly disorienting and require patience and some knowledge to navigate.

Foreclosure itself is the process where a bank obtains the title to your home and sells it in order to pay off the remainder of your loan balance. It doesn't matter that you have paid off more than half the loan or have been living in the house for 10 years, the bank can still take the property if you don't act.

Luckily, banks are starting to become more receptive to renegotiating your loan and keeping you in your house. Before you contact your bank, be sure you know as much as you can about your specific loan and the options available to you.

The best plan is to be aware of your finances and foresee any issues that might arise with paying your mortgage. The truth is that banks lose money in foreclosures, and they want to avoid them as much as you want to avoid losing your house.

Good luck out there. Remember, you can find always more legal information about foreclosures at FindLaw's Real Estate Center, where you can also find lawyers waiting to help if you need them.

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