If you are several months behind on paying your monthly mortgage payment, your mortgage lender may be in the process of foreclosing on your house and you may be asking how to stop it? The plain truth is that there is only one way of stopping foreclosure. You must pay your mortgage lender.

When you obtained a loan with which to buy or refinance your house, you put your house up as collateral for the loan. You gave your lender either a mortgage or a deed of trust. If you fail to repay the loan on the terms that you agreed to, your lender can and will foreclose.

While a house foreclosure process is different than a car repossession process, it is the same in that, if you fail to pay your car loan, you will lose your car. If you fail to pay your house loan, you will lose your house.

The good news is that with your house, your lender has to go through a legal foreclosure process. Foreclosure is not like a car repossession where the car loan lender can simply repossess your car without going to court. Your mortgage lender cannot come into your house and throw you and your property out on the street. Your lender must give you notice and must follow the legal process of your state.

Because most mortgage lenders will let you get several months behind and because your lender must follow the legal process, you have time to stop foreclosure by figuring out a way to pay your mortgage lender. And depending on your situation, you may have several options on how to pay your lender.

- You can and should talk with your lender.

- You can sell your house.

- You may be able to deed your house to your mortgage lender.

- You may be able to file bankruptcy.

- You may be able to refinance your house.

As you can see, the answer to the question is that you may have several options.

Remember this important and vital warning! Certain options work only in certain situations. You need to explore all options because not every option will work in every situation. You need to determine which option(s) will work for you and which option is best for you.

This article is general information. If you have any questions of any nature concerning stopping foreclosure, talk with a lawyer licensed in your state.

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