The best way to get stop foreclosure mortgage help is to discuss the situation with your lender before it is too late. Today many lenders are willing to negotiate payment plans which are outside the terms of the original loan in order to help you get back on track.

Certainly by using one of the methods we show below will help all parties to deal with a bad situation and stop it from getting any worse.

1. Short Pay/Short Refinance

This is usually accomplished by the homeowner refinancing their property. So say for example you owe $100,000 on your mortgage plus a further $15,000 in legal and rearrange fees. Then what occurs is someone negotiates that the loan be settled for $80,000 and then a new loan is arranged for $85,000 which then covers paying off the bank and all its associated fees with regards to the transaction. So not only has the homeowner been able to avoid have their home foreclosed but they will also now find that they have $30,000 less of debt to worry about.

2. Modify your Existing Mortgage

All you do with this is talk to your lender (normally a bank or mortgage company) and change the terms of the loan you have with them. In a lot of cases these changes will only be temporary and may result in the interest rate being reduced, changes the principal parts of the loan, it may well mean that the amortization is extended in order that the overall payment that a person is obliged to pay are reduced. But these types of changes may sometimes be difficult to achieve and then the use of a trained foreclosure negotiator may be required.

3. Setting up a repayment plan

This is probably the easiest method for a homeowner to understand and one which many lenders are likely to accept. The homeowner will agree to pay an additional sum on top of what they are currently paying for their mortgage payments as a way of paying of the amounts that are owing to the lender. Certainly this is the type of plan that most lenders prefer compared to the 2 that have been previously described above. However there may be some additional costs that a homeowner will face when using this method including rearrangement and legal fees.

Above we have looked at three methods of stop foreclosure help but there are others which a homeowner may want to consider including deed in lieu of foreclosure or short sale.

More info on your stop foreclosure information search:

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