Nine out ten homeowners are facing foreclosure and want to remain in their home. If you are a homeowners faced with foreclosure and would like to remain in your home, there are ways to stop the foreclosure of your property. Begin with contacting your mortgage company if you are unable to make your full monthly payment. The truth is most mortgage companies do not want to foreclose on their clients properties, they would rather work towards a solution. They may require you to provide them with bank statements and other financial documents so that they can evaluate your economic condition and can possibly extend your grace period for late payments or allow you to skip anywhere from 1-6 payments over a one to two year period. This procedure is called a forbearance agreement, which is one of many ways to stop a foreclosure. Keep in mind, you will need to catch up once you are back on your feet; this is only a temporary measure.

Another method of preventing foreclosure is to ask for a restructuring of your loan. Restructuring a loan involves extending the term of the loan so you have longer to pay and possibly pay lower monthly payments. This causes the delinquent payments to be spread out over several years and can also cause the interest rate on the loan to be lowered. Doing this will help you if your financial situation has permanently changed. Be sure to get the terms and conditions of any offer in writing.

If your mortgage carries a high interest rate and interest rates have since declined, refinancing is rarely a good option. Remember to be very cautious about refinancing because there are several lenders who prey on people susceptible to foreclosure. Keep in mind it can also be expensive as you may need to pay closing costs, points and other fees. There is also a risk of ending up with higher rates or fees that you cannot pay and you may end up facing foreclosure again, with even less money the next time around.

Selling your assets is one way very few people may want to consider, but it is still an option. If you are unable to work out a suitable arrangement through the other methods, it may be time to consider this. You may want to work on finding any way you can to slash spending and raise more money, which could include selling your car. Raising money in this manner may not help you in the long run especially if your financial troubles are long term.

Contacting a real estate agent early on in the process is always a good idea, at least to find out how much you can get for your home and how fast it could be sold. This does not obligate you to sell. It will give you a fast start if you decide selling is your best option. If you have substantial equity in your home it is definitely a better option than having a foreclosure on your record.

Depending on your situation, bankruptcy may be your only option to keep your home, but bankruptcy should never be taken lightly. It is very complex and sometimes a costly procedure. Often, you may not be able to keep your home even if you declare bankruptcy. You may want to consult a highly regarded attorney to discuss your options.

More info on your stop foreclosure information search:

Get Free Foreclosure Advice and Free Refinance Quotes
Get your free on-line foreclosure refinance quote and free advice from foreclosure mitigation specialist in minutes. Compare real offers from top national subprime and hard money lenders... more...

Foreclosure Victims Helping Foreclosure Victims
A number of the homeowners that we talk to everyday are motivated by two main goals. The first, obviously, is to save their home from foreclosure, avoid potential scams, and get their financial lives back to normal. Teaching homeowners how to do each of these is the main purpose of our website, ... more...

Master The Mechanics Of Foreclosure - The Key To Being Effective In Pre-Foreclosure Investing
To confidently compete in the pre-foreclosure arena, every investor must master the mechanics of foreclosure. The events of foreclosure, the timeframes, the disposition of the proceeds of sale, and the effects of the sale ? these are all important landmarks in navigating through the foreclosure ... more...

Summary Of Vermont State Foreclosure Law
There are four different type of foreclosure are followed in Vermont. Strict foreclosure Power of sale foreclosure Judicial foreclosure Non-Judicial foreclosure What is the processing period for foreclosure in Vermont? Processing period is normally 210 days (Approximately 7 months) in Vermont. Is ... more...

Home Forclosure Help
9 tips for home foreclosure help Here outlined for you are nine things you can do if you want or need home foreclosure help. Home Foreclosure Help Tip #1. Make sure you have in place a Home Equity Line of Credit. For this home foreclosure help tip remember that if something comes up forcing you to ... more...