Are you behind on your monthly mortgage payments and having a difficult time making ends meet? Do you want to know: "How do I stop foreclosure?"

The only answer is to pay your mortgage lender. I know. If you are having a difficult time making ends meet, how can you pay your home lender. Actually, you may have several options on how to pay your lender.

The first thing that you need to do is to talk with your mortgage lender. If your lender is like most lenders, it will have a department that is called a loss mitigation department. This department's job is to reduce a loss that your lender might incur if it has to foreclose on your loan. And foreclosure will cost your lender money. Your home lender will have to pay the legal costs of the foreclosure. If your lender gets your house, it will have to pay to maintain your house while it tries to sell your house and it will have to pay money when your house is sold.

Often, lenders will try to work with people that are behind on their mortgage payments because lenders do not want to spend money and they do not want your home. They want their loans paid.

Mortgage lenders can do several things to help you stop foreclosure or avoid foreclosure. They can delay a payment or payments. They can move a payment to the end of your payment period. If the situation is right, they can accept a deed in lieu of foreclosure. If you have a buyer, they can accept a short sale. The key is to talk with your mortgage lender to see what your mortgage lender is willing to do to help you.

If your mortgage lender will not work with you, you may want to consider filing either a Chapter 7 bankruptcy or a Chapter 13 bankruptcy. Lenders cannot stop you from filing bankruptcy and bankruptcy law provides for an "automatic stay" of most civil legal actions such as foreclosure.

Both types of personal bankruptcy will at least delay foreclosure while you work your way through the problem. Chapter 7 may help you by disposing of some unsecured debts. With less debt to pay, you may be more able to pay your monthly mortgage payments. Chapter 13 will allow you to pay any mortgage arrearage over time and may allow you to pay less on your unsecured debts. Again, by having to pay less to unsecured creditors, you may be more able to pay your home lender.

Another option is to obtain a new loan to pay off your existing loan on which you are facing foreclosure. Often it is difficult to qualify for a new loan, if you are having difficulty paying your existing loan. However, in some situations, you can obtain a new loan. But, be careful. There are a lot of mortgage brokers who are honest. Unfortunately, there are also a lot of mortgage brokers who are less than honest and they will set you up with a new loan that will actually put you in a worse situation than you are currently in.

This is general information only and not legal advice. If you need specific information or have any questions of any nature whatsoever, talk with a lawyer licensed in your state.

This article may be republished, but the wording must not be changed and the author links must remain active.

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