To stop foreclosure quick, you will need to take action-- do not ignore your lender. You MUST be proactive in finding a solution to end your crisis.

Maybe you were injured or became ill and could no longer work. Maybe you bought into an adjustable rate mortgage a few years ago, and are now facing increased payments. No matter what the reason is for your financial hardships, you must understand that you DO have options to stop your foreclosure quick!

Let's explore some of your options:

Get in touch with your lender right away

DO NOT ignore the problem and just hope it will go away. Your options begin to fade the longer you continue to miss payments on your mortgage. Your lender may be willing to work with you more than you think; in general, banks would prefer to find a viable solution to the problem rather than dealing with the costs and trouble of a foreclosure themselves.

Remember, your lender is not inhuman, and if you help them understand the reasons for your financial woes they will be more willing to help you come up with a solution to stop foreclosure proceedings.

Short Sale

This may be your last-ditch effort to save your credit from the ugly scar of foreclosure. A short sale is when the value of the house is less than what is owed on the mortgage. Your lender must be willing to accept less then the total amount due. Lenders may prefer to cut their profits with a short sale rather than deal with the cost and trouble of a foreclosure.

A short sale may be your fastest alternative to bankruptcy or foreclosure proceedings.

Sign a Deed in Lieu of Foreclosure

A Deed in Lieu of Foreclosure is when you voluntarily transfer your property to your lender to forgive your defaulted loan. If your lender agrees to this, your home will effectively belong to your lender, and all foreclosure proceedings will stop immediately.

Depending on the situation and your lender, a deed in lieu of foreclosure may have a lesser impact on your credit record, allowing a better chance for a mortgage loan in the future.

What's your next step?

More info on your stop foreclosure information search:

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