Houston homeowners that have received a Notice of Default, or NOD, on their mortgage loans are likely to receive a lot of offers for help. Phone calls and letters will start pouring in from people that say they can stop foreclosures in Houston. Borrowers need to beware - not all of these offers will be reputable. In fact, most probably will not be.

There are only two effective ways to stop foreclosures in Houston. Paying "affordable" rates to those who promise to help will likely leave a homeowner out in the cold. The two proven means to stop foreclosures in Houston involve either working with a reputable real estate professional to sell the home prior to a foreclosure auction or working directly with the mortgage lender. Either way, the bottom line is an eventual payoff of the original loan.

Working With An Agent Can Pay Off

Enlisting the help of a licensed real estate agent to help sell a home before a foreclosure goes through is a viable option. If the NOD has already gone out, time might be of the essence, however. Make sure the lender is aware of the decision to sell. It's possible a short sale may be arranged to help the property sell more quickly.

Dealing Directly With The Lender Is Wise

The best way to stop foreclosures in Houston is for homeowners to work closely with their lenders when problems arise. In many cases, keeping the lines of communication open and amicable will result in a mutually beneficial arrangement. When the lender's Loss Mitigation department is contacted, some of the options that might be brought to the table include:

?Renegotiation of the terms. Some lenders are willing to rework loans in hardship cases.

?Repayment options. In some cases, lenders are willing to break up the past due amounts over the course of several months.

?Short sales. In some instances, lenders are willing to facilitate the sale of a home for less than the loan amount to prevent foreclosure.

Lenders are very often more than willing to work with borrowers to stop foreclosures in Houston. If negotiations break down, many are even willing to hire third-party loss mitigation mediators to help with the process. There are viable ways to stop foreclosure, but many offers that come in after a NOD has been posted are likely to be less than reputable. Beware!

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