It is estimated that more than 3 million homes will be foreclosed through 2009. This is worse than what happened during the Great Depression. The reasons for this are many. The simplest reason being homeowners allowing themselves to get into mortgages they couldn't afford. To be fair the economic landscape in the US has been changing rapidly over the last decade and what was affordable 10 years ago is now not so affordable. Predatory loan processes used by lenders has only made what is a tough situation that much worse. If you find yourself in the situation that you can't pay your mortgage or are on your way there then no time should be wasted to remediate the problem. Here are some ways to stop the process.

Debt Counseling

There are now numerous companies who will provide debt-counseling services. They will work with your lenders to get a modified payment plan and also can advise you on refinancing or selling your home. Keep in mind the bank that owns the mortgage could be willing to work with you to prevent the foreclosure because the bank is not interested in having to maintain an empty house.

Loan Consolidation

There are a number of foreclosure loan companies that will to give you a FREE consultation on your current situation. You should skip past the companies that ask for a fee for this. These companies can provide the three possible solutions:

1. Provide private or institutional lenders to assist the homeowner. In this solution you will get a new loan. To do this you will need to be able to show you can make the payments. If your credit is currently bruised this may not be the solution for you.
2. Be released from the responsibility of the property. This is done by having investors buy out your position in the home. If you are in the situation of not being able to make the payments then this could be a good option for you.
3. Get a short-term loan so you can reinstate your loan. This solution will stop the foreclosure process fast and get the creditors to stop calling. However if you are already in the situation where you can't make your payments then doing this is probably not the solution for you.

Lease Purchase Agreement

With a Lease Purchase Agreement you find a tenant who will agree to buy your house in 12 to 24 months. You structure the deal so they end up paying your monthly mortgage. You get a 1% to 3% lump sum payment from them that is non-refundable. Since you are only asking for 1% to 3% of the home price instead the traditional 10% to 20% it is much easier to find people to buy the house. The reason people are interested in doing this is that some people have the money but have bad credit. The 12 to 24 month time period allows them to repair their credit and lock in the price of the home.

If you are in the stressful situation of foreclosure or pre-foreclosure then you need to take action. The above three methods will give you a good start at stopping the process. The sooner you take action the better.

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