Which one of these is the best way to prevent foreclosure? Save at least 1% of your home’s purchase price annually Refinance as soon as possible Use a budget to live within your means and build savings Never accept an adjustable-rate mortgage

Taking loans in engaging in capital projects are not to be discouraged,but the opinion or the fear of the masses is, if such loans could be paid back or the lender will be forced to apply foreclosure on your assets.

Through living within your means and with a healthy and well planned saving budget,all borrowed money will be definitely paid back to the lender .

Parrain Parrain · Answer 2 · 2021-09-03T21:45:43+02:00

The best way to prevent foreclosures is to use a budget and live within your means and build savings.

Foreclosures happen when a person defaults on their mortgage payments. In order to avoid defaulting on your mortgage, you should:

allocate enough money for the mortgage payment
use a budget to divide your income so that you can apportion the needed funds to mortgages.
build savings that you can use to pay the debt when your income is not enough.

In conclusion, coming up with a budget and sticking to it ensures that you spend your money wisely because you will account for your expenses properly.

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