As the number of foreclosures continues to climb at an alarming rate around the country, many lenders are becoming more willing to work with borrowers directly. It is possible to seek out a solution and stop foreclosures in Houston if borrowers take the right steps. A lot will depend on the lender in question and the borrower's willingness to work out a deal. There are, however, options available.

When threat of foreclosure is pending, borrowers can help stop foreclosures in Houston by picking up the phone and calling their lenders directly. Even if a loan has not yet made its way into default, calling and seeking out assistance is generally the best first step.

Lenders are becoming very interested in working with borrowers simply because of the amount of foreclosures they are dealing with. To prevent major losses, lenders typically offer several options. They include:

?Loan modifications. Some lenders are willing to help rework loans to enable their clients to catch up and stay in their homes. Modifications might include such things as lowering interest rates, removing late payment penalties or even renegotiating the terms of the loan entirely. If this option is offered, it can prove to be an excellent want to stop foreclosures in Houston.

?Repayment terms. Some lenders are willing to help their clients stop foreclosures in Houston by offering very good repayment terms for the amount of money in arrears. This might include breaking up the owed amount over a number of months or even moving it to the back of the loan.

?Short sales. Some lenders are willing to help stop foreclosures in Houston by enabling borrowers to sell their homes for less than the owed amount.

?Deed in lieu of mortgage. In extreme cases, lenders might be willing to take the deed to the property in place of repayment on the loan. The terms of this option will vary if it is offered.

Homeowners are not the only ones facing the foreclosure crunch. Many lenders are finding that they are losing money as more properties fall into default. Inasmuch, many are willing to help stop foreclosures in Houston by working with borrowers to find a solution.

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