Every foreclosure is the result of someone's personal loss, and can be the opportunity for someone else's profit. Many foreclosed properties end up being sold to their new owners at a steep discount to their fair market value, making them tempting targets for real estate speculators. But no matter how you view foreclosures, you must admit that with the failure of the US housing market, the foreclosure market will be expanding at a fast and furious rate.

Don't Waste Time

If you are one of the millions of US homeowners facing foreclosure, you will be much better off if you confront your difficulties head-on and look for ways to stop foreclosure, than if you simply walk away from your home. But you don't have all the time in the world to figure out which alternative to stop foreclosure will work best for you, so you should begin your research immediately, by talking with your lender.

Work With Your Bank

You may be astounded to learn that if anyone wants to stop foreclosure on your home even more than you do, it is your banker. If you are three or more months behind on your mortgage payments, your bank will be ready to start foreclosure proceedings, but still prepared to negotiate. Why?

Because banks are in the mortgage business to make money and any bank which forecloses on a property will have to pay to maintain and insure it until it can be resold. The longer it sits empty, the longer the bank will be losing money on it. So your banker is the first person you should talk to about finding a way to stop foreclosure on your home, because he or she will be motivated to keep you in it.

One way to stop foreclosure is to find a lender who specializes in loans to distressed homeowners, allowing you catch up on your mortgage payments while you negotiate a long-term loan at a more favorable interest rate. If you can do this, you will have lower mortgage payments in the future.

Other Options To Stop Foreclosure

If you are unable to find a lender, you can stop foreclosure by getting your bank's permission to sell your home at below market value, because the bank might be willing to settle for a part of what you owe them in the near term, instead of having to wait out the foreclosure process before seeing any money. You'll still lose your home, but being able to stop foreclosure will protect your credit rating and make it much easier for you to qualify for a future mortgage.

As a final suggestion on how to stop foreclosure, ask your lender for permission to pay only the interest portion of your monthly mortgage payments until your financial situation improves. Using this method to stop foreclosure is a short-term solution at best, but it may be enough to let you get caught up and save both you and the bank the nightmare of a foreclosure proceeding.

More info on your stop foreclosure information search:

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