Ignoring a foreclosure notice or making unwise financial decisions during the foreclosure process can result in the loss of your home and the inability to be approved for another home loan or other types of credit. Improper actions may also result in bankruptcy. All of this headache and heartache can be avoided with a stop foreclosure loan.

Finding out that your home is entering foreclosure is one of the most devastating things that can happen to a homeowner. During this emotional time, it is very easy to make irrational decisions that can result in the loss of your home and a ruined credit report. Receiving a notice is not the end of the line, though; it is simply a call to action. There are a few ways that you can save your home such as the stop loan.

Once you have received a foreclosure notice from your lender, it is extremely important that you contact them to see what your stop loan options are. In most cases, lenders are more than willing to find a solution to the problem. This is not an option that they want to pursue. Your lender would much rather help you keep your home and continue to receive interest payments from you than be saddled with a property that they might not be able to resell for the amount that you owe.

Open communication with your lender is a must. Yes, it may be tempting to ignore the situation rather than face an embarrassing conversation with your lender about your financial problems, but your lender may have the exact solution that you have been looking for. The first step is to talk to them. Be open and honest about your financial situation and ask them if you would qualify for a stop foreclosure loan.

A stop foreclosure loan is a mortgage or home loan that pays off your current loan and gives you the chance to start over again. Depending on how much equity you have in your home, the payments on the new loan could be significantly less than your current mortgage payment. You might even be able to borrow against your equity to help pay off some other bills that have become difficult or impossible to pay.

The number one requirement for receiving this type of loan is the ability to pay the new mortgage and resolve your financial issues. If the lender can see that the new loan would make it possible to make your payments on time and get your finances in order, they will be more willing to issue a stop foreclosure loan than they would if it seems like you will not be able to afford the new mortgage any more than you can afford your current one. While you may not get the best interest rates with this type of loan, these could be the key to keeping your home and getting back on track financially.

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