To halt foreclosure or repossession you need to put into practice one of the following alternative solutions:

Refinancing, Full or Partial Cancellation or Settlement

These three main possible solutions can halt a foreclosure or repossession process. The idea is that though the lenders retain the legal right to exercise those actions, they usually prefer to recover their investment, even if they have to surrender part of their profits. But you need to act quickly because once a legal process has started it is much harder (and expensive) to stop it.

Refinancing Your Secured Loan

Refinancing can either be done with the same lender or with a different one. In the first case the lender will stop foreclosure and provide you with a new repayment program with a longer term and lower monthly payments. A different lender will simply provide a loan on condition of cancellation of the previous one. The foreclosure or repossession process will then be stopped due to cancellation of the debt rather than refinancing of it.

Full Or Partial Cancellation

Whether you need to cancel the debt partially or totally will depend on the conditions of the loan contract. Some clauses require full cancellation after missed payments or several late payments in order to stop foreclosure. Others, require only that you cancel all the installments owed or immediately due but the following payments can be made according to the original schedule.

The refinancing option where you apply for a loan with a different lender is an example of full debt cancellation. In any case, you can resort to home equity loans both for full or partial cancellations. Personal unsecured loans can also be a solution but tend to be too expensive for this purpose.

Debt Settlement

Debt settlement is another interesting alternative. When you hire the services of a debt settlement agency, expert negotiators will contact your creditors and negotiate with them new terms. The settlement is a legal agreement but does not necessarily have to be endorsed by a judge or court official.

The settlement legally binds both parties (creditor and debtor) and is usually an agreement that can include clauses specifically designed for the particular debt situation like debt reductions, interest rate raise or reduction, a longer repayment term or a shorter one, and many other variables that provide the debtor with more affordability to comply with the repayment program without difficulties.

Conclusion

As you can see, stopping foreclosure or repossession is feasible but timing is of the essence. As long as you act with diligence and swiftness as soon as you receive the possible foreclosure or repossession notification, you will be able to stop the process and restore the situation prior to the notification in order to avoid further problems. Truth is that if you make your payments on time, you won't be bothered by the lenders and you will enjoy the benefits of having access to credit.

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