There are programs available to help stop foreclosure regardless of your credit situation. Time is critical and you MUST act fast to stop foreclosure.

If you feel that your situation will not improve in the immediate future you should consider selling your home while there is still time. By selling your home you get to keep most of the equity you have built. Depending on how far into the process of foreclosure you are you may have to talk to your current mortgage company about doing a short sell. If this is the case you should contact a Realtor in your area that specializes in listing distressed properties.

When you contact your mortgage servicer, you can try to work out a payment plan to bring your back payments current. Not all mortgage servicers are willing to work this out with you, but there is a chance that they may. They do not want to foreclose on your home because that means that they will lose money in the long run.

Before foreclosure proceedings begin on your house you must get in touch with a mortgage broker to expedite your available options before you lose your house. There are lenders out there that will do foreclosure bailouts so long as a Notice of Default is not filed on the property. Refinancing the property if there is equity is a much better alternative to foreclosure. You can also sell your property and not have the foreclosure hit your credit report.

Before your house can be foreclosed on, a notice of default must be sent to you. This is a notice that demands back payments are brought current. If the payments are not made current within the time given, the lender will begin the foreclosure process. We have programs available to help stop the foreclosure.

Homeowners can file a Chapter 13 which will enable them to pay back their arrearage over time. This option works best when the cause of the late payments was temporary and the borrower can now afford to pay the regular payment.

A private loan from a friend or family member could be a last resort to save your home from foreclosure.

Remember, if you are in danger of foreclosure, you are past due and need help, there are options available to you, but you must act quickly. When you are facing a foreclosure, you are not only in danger of losing your home- you are in danger of doing severe damage to your credit score that will be very hard to repair.

Repayment Plan -A repayment plan allows you to repay the amount you owe within a fixed period of time, in which your unsettled dues will be combined with your regular monthly payment. (Hard to do in tough times, but they may allow you to skip a payment or 2 with the understanding you will pay your regular payment plus a quarter of what you missed)

Reinstatement-This is the amount that you have to pay to your mortgage company in order to bring your loan current. Your loan delinquency will be taken into account, as well as other unpaid fees and costs associated with your loan. (You can look into getting a hard money loan to do this)

Note Modification -Although you are unable to settle your previous accounts, the lender might agree to modify your mortgage if you make your regular payment now. (Often requires supervisor approval)

Short Sale - The lender will allow you to sell your home, even at a loss to them. So if you don't have enough equity to pay prepays and commissions this may be an option to you. Make sure you work with a realtor that specializes in selling distressed properties.

The foreclosure process is a very stressful and time sensitive issue. But you do have options. There are hard money loans to help you catch up but there are also options you can work out with your current lender.

Forbearance -During what is called the forbearance period, the lender agrees to accept less than the full amount for a temporary period. This happens only if you show the bank or the mortgage company that you have sources for funds that can let you bring the mortgage current at a future date. (Usually you have to be a couple payments behind for them to approve you for this)

Deed in Lieu of Foreclosure -In a deed in lieu of foreclosure, the lender agrees to release the debtor from any liability on the loan itself. This agreement is usually reached only when the debtor transfers his or her property to the name of the lender.