Now that I own my home, what do I need to
do to prevent foreclosure ?

Once you're in your new home, you'll need to make your monthly mortgage payments each month and on time.  If you don't make your mortgage payments over a period of time, your mortgage lender can foreclose on your house. Foreclosure means that the lender takes the title to your property for nonpayment and sells the property to recover the amount you owe the lender.  As a result of foreclosure, you would no longer be able to live in your house and you would lose all of the equity you held in your home including your down payment.  If this happens, the foreclosure becomes part of your credit record. This may adversely affect your ability to secure credit in the future.

Be sure that you understand the serious commitment you are undertaking when you decide to buy a home.  Develop a savings plan to protect your investment in your home. Financial planners usually recommend that you save 3 to 6 months worth of expenses in case you lose your job or become seriously ill. If you do foresee that you will have a problem making your monthly mortgage payments, contact your mortgage lender immediately. Mortgage lenders will work with you to avoid a foreclosure. 

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