The business news is full of tales of woe. Foreclosures are looming for over-stretched borrowers. This invites the question: Is there anything that can be done to stop foreclosure?

The answer is yes, quite a few things. Here's a quick list:

1. Take legal advice from a qualified lawyer or counsellor, preferably someone with extensive experience in foreclosures.

He should be able to point to work he's done in the past. With the upsurge in foreclosures, we can be sure that a lot of barely-qualified people will be trying to horn in on making money from other people's distress.

2. Keep all correspondence and relevant documents in an organised file.

If you have to go to court, or consult with your lawyer, this will save time. You'll have the facts at your fingertips.

3. You may consider filing a lawsuit to enjoin or stop the foreclosure.

This might work if procedural errors were made in the foreclosure or in the loan origination.

4. A reinstatement.

You promise to pay a lump sum to the lender to make your payments current (up to date) by a specified date.

5. A repayment plan.

The lender adds a portion of the past due amount, to a specified number of payments, in order for the borrower to make up his arrears. This is instead of paying one lump sum covering all the arrears in one go to the lender.

6. A 'special forbearance'.

The homeowner receives a payment schedule adjustment. They may also receive a suspension of payments for a certain period of time. This can be arrived at by discussion with the lender.

7. A 'mortgage modification'.

The homeowner extends the loan period or refinances their current loan to get a lower rate and thereby have lower monthly payments.

8. Remortgaging.

If you have enough equity in your property you might be able to change lenders and start again.

9. Bankruptcy.

Note that this is a temporary solution. It will stop the foreclosure for a short time only. It may give you some leverage in dealing with the lender. Consult with your lawyer, as local laws vary.

10. Selling the property.

Some find that selling their home is best. They do it with a pre-foreclosure sale. They sell their home for an amount less than the total mortgage amount. One can ask lender to put the foreclosure on standby to give one time to sell, so as to get the best price possible.

11. Submit a deed in lieu of foreclosure.

You deed the property over to the lender. This has less of a negative effect on your credit rating. It won't prevent you from losing your home, but you won't have a foreclosure on your credit history.

12. Do something, rather than nothing.

Properties are often foreclosed on people who sat still and did nothing, in the hope the problem would somehow 'go away'. Once you get a letter from a lender about a missed payment, that's the time to get moving. Get on the 'phone, get writing, and work out a plan to keep your house. The longer you leave it, the worse your situation becomes.

The lender doesn't want to evict you. They want money. Maybe you can work something out?

More info on your stop foreclosure information search:

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