You need to know that foreclosures and debt are interrelated. Some people come across foreclosure on account of mounting debt. As a result, they find it difficult making mortgage payments. A leading Stop Foreclosure Lawyer in Miami says a foreclosure is likely to add to a defaulter's financial issues and it is more so if one's domicile state is lenient toward passing deficiency judgement. In such circumstance the borrower has to owe the difference between the amount that is owed on the foreclosed property and the price it finally sells for at the auction. It is relevant to mention in the present context that as many as 38 states out of 50 prefer passing deficiency judgments in favor of financial institutions.

On the other hand, a foreclosure can relieve financial burden of a defaulter provided the lender does not seek a deficiency judgement, points out the Stop Foreclosure Lawyer in Miami. It is definitely a loss when a lender takes the home for which the borrower has already paid partially. But at the same time, it gives the borrower a chance to rebuild his or her finances. It is always a smart move on part of a borrower to work with a nonprofit credit counsellor or a financial advisor to anticipate the kind of debts that he or she may incur during a foreclosure.

Now the question that is most obvious is how a foreclosure can be avoided.

The most assured way of avoiding a foreclosure is of course the most obvious one - make your mortgage payments on time. If you face financial hardships - for whatsoever reason - and find it difficult to make your mortgage payments timely, then you should let your lender know about your situation. The Stop Foreclosure Lawyer in Miami says until and unless you take your lender in confidence about your financial difficulties nothing much could be done to avoid the looming foreclosure. Do not wait till a crisis raises its ugly head. Rather as soon as you anticipate an upcoming financial difficulty just do not waste time and discuss the matter with your lender immediately.