There are few things more traumatic than losing your home to foreclosure and having to struggle to find a place to house your family. But if you practice some financial discipline, you should be able to stop home foreclosure with no difficulty.

Good money management is key in being able to stop home foreclosure. You should never take out a home mortgage which will force you to stretch to meet your monthly payments; having to do so will quickly turn your dream home into a nightmare. You should also make a point of setting aside money for that proverbial rainy day every time you are paid, and have the discipline to let it accumulate. You never know when you could be hit with a job loss or illness, or have a natural disaster strike and find your insurance company less than eager to assist your recovery,

Get A Mortgage Insurance Policy

One very effective tool in helping you stop home foreclosure is the home mortgage insurance policy, which will make up to three consecutive mortgage payments for you if for some reason you are unable to. Such a policy will let you stop home foreclosure long enough to have a chance to recover financially, but if your insurance runs out before you are back on your feet, it's time to talk to your lender about help to stop home foreclosure.

As soon as you know you won't be able to make an upcoming mortgage payment, contact your bank. Don't wait for them to start sending you letters of demand. It will be much more difficult for you to stop home foreclosure if you try to take matters into your own hands, and ignore the bank's letters.

Talk To Your Bank

Your bank will be your biggest source of help when you need to stop home foreclosure, because your bank really does not want the hassle of maintaining or insuring your empty home until it can be put into a foreclosure sale. Give your banker an accurate picture of your financial situation, and a plan which will get you back on your feet. Present a clear idea of when you expect to resume your full mortgage payments, and you will be in a position to negotiate a grace period of reduced payments to help you stop home foreclosure.

While the bank will not let you pay a reduced monthly payment indefinitely, it will very probably grant you a short-term reprieve, according to its own mortgage moratorium policies. You can expect up to three months of lowered payments and a chance to get the funds to pay off your default before the bank will initiate foreclosure proceedings. Those three months will give you time to get a long-term strategy to stop home foreclosure.

Your best option will be to either arrange a sale of your home during the moratorium period, and hopefully you will be able to sell it for a price which covers the balance of your mortgage and leaves you with enough to make a down payment on a less expensive home. If you do, your future mortgage payments will be smaller, and you can avoid foreclosure problems worth your new home.

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