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What steps can be taken to avoid loan deliquency?

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The debt crisis made people aware about the importance of carefully considering the amount of debt they are able to take. Your ability to repay the loan has to be always in your mind when you borrow money. However, unexpected issues may always occur.

In case of any financial difficulty, contact your loan officer as soon as possible. If you have missed a payment already, agree on a payment plan to repay the delinquent loan amount along with your monthly installment payments. Your lender wants to avoid foreclosure proceedings as well, so an agreement can be reached in most cases.

You may get payment assistance from a government homeowner bailout program that temporarily pays your installments.

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