Pre foreclosed properties do have options. The biggest mistake people make is they think they do not have any options and they don't call the lender to ask them. If you remain in touch with your lender and tell them about your financial situation they can and they will help you. If your monthly payments have increased due to a fluctuating interest rate or your financial situation has changed then the bank may agree to reduce your monthly payment to a lower amount. This may be due to refinancing the home or just an agreement with the bank to alter the loan to what helps your financial situation.

Pre foreclosed properties can also be avoided with the payments when you work with them to waive your payments. If you have a life event that caused you to miss a few payments but you can prove to the bank that you can afford the payments and you really want to keep the home they will waive the missed payments. This occurs when they add the missed payments to the back of the loan and you just pay a few months longer.

There are many ways that a lender will work with a home owner when you are in the pre foreclosed properties process. These ways include helping you lower the monthly mortgage payments or waiving the missed mortgage payments that you are behind on. Lenders are always willing to work with you if you remain in touch with them and prove to them that you really want to keep your home.