Foreclosure. Certainly one of the most stressful events anyone could possibly have to face and endure. Once you are facing foreclosure, time is against you and you need options that will stop foreclosure fast.

Recognize that you're not alone, take a deep breath, and realize that you can stop foreclosure today without equity and you can stop foreclosure fast, although the reality is for many tactics, you won't be able to keep your home. However, you will be able to keep your dignity and not have the foreclosure shatter your credit so that life becomes more difficult for years.

Foreclosure Stopping Actions:

There are some realistic options to stop foreclosure fast and to stop foreclosure today without equity. They are short sales and lease options.

Short sales. You may have heard of it, but not sure how it works. Well it's a viable option and it's a legal option to stop foreclosure fast. In short sales, the lender agrees to let the defaulted mortgage note be sold at a smaller amount than what you owe. That's the simple version, but it can stop foreclosure fast. Why would a lender do this? It's really based on economics and the bank's opportunity costs.

1. Is it easier to take your home from you and sell it? Not at all. Lawyers and courts are involved. Documents have to be filed. Time lines have to be adhered to. Banks have to spend thousands to foreclose, rehab, market and sell a property. Foreclosing on property is the last thing a lender wants to do. It costs money. And a lot of it.

However, a bank will not let you shortsale your own home. Only a third party, such as a real estate investor, can do it for you. This is because the bank isn't going to let you make a profit from defaulting on your mortgage. The real estate investor will have to be skilled, get your signed approval to move ahead with the short sale, build a hardship case with the bank about your situation, and try to prove to the bank that it would make more sense for them to cut their losses now rather than drag it out and lose even more money later.

Bottomline: The short sale is a great way to stop foreclosure today without equity as long as the real estate investor can get the bank to comply. Also, although an investor can start the ball rolling for you today, there is a time process involved when he or she deals with the bank.

2. Another way to stop foreclosure fast if you do have equity is to just sell it. You may have to drop the price and give up some equity but you would get to avoid the foreclosure. Other options you can try when you have a large amount of equity is working out a forbearance with the bank or refinancing the loan.

Let's discuss another great way to stop foreclosure today without equity.

The Lease option. AKA Rent To Own

It's a real estate tactic employed by experienced investors in Michigan quite a bit these days and it can stop foreclosure fast. Well, actually, it will help you avoid the foreclosure, but you'll still have to move out of your home.

As the owner, you can sell your home on a lease option (also known as a rent to own) basis. A tenant/buyer moves into your property with an option to purchase the home within an agreed upon time frame (usually 12 to 24 months).

Getting a tenant-buyer in fast will allow someone else to take over your mortgage payments and you may be able to avoid the foreclosure altogether.

Working with real estate investors on a lease option to stop foreclosure fast is a good option because you may not be able to locate a tenant-buyer fast enough on your own or how to properly set up the contracts the right way.

But, make no mistake about it. If you need to stop foreclosure today without equity, the lease option is being used with a large degree of success in today's economy. However, keep in mind that even if you use an experienced real estate investor to help you, there are still no guarantees he or she can make a deal workable.

But it's still an avenue strongly worth considering.

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