If you find yourself facing foreclosure you need to know your options. There are several ways to avoid a foreclosure and save your credit score. The most important way to stop foreclosure is to take action. Too many people ignore reality and when they do wake up it is too late to stop the foreclosure. Make sure you take action today.

Call your mortgage company. The best way to stop foreclosure is to try to work something out with your mortgage company. Your mortgage company would rather not have to foreclose. Ask for the loan work out department or loss mitigation department. Tell them you want to work out a plan to save your home. They will normally suggest that you pay an extra amount on your monthly payment. For example if your normal payment is $1,000 then they might ask you pay $1,000 until you catch up.

The other option is that the mortgage company might add the debt you owe to the end of the mortgage. Let's say you owe $100,000 on the mortgage and you are behind by $3,000 dollars. The mortgage company might add the $3,000 dollars to your total balance as part of the loan. When you try to sell your home the mortgage payoff will include the $3,000 dollars.

Another method to avoid foreclosure is to sell you home to an investor. There are many websites and local investors who specialize in buying homes fast. Normally the investor will be able to pay cash and close on your home within a week or two. Make sure the investor is actually buying the home from you and not just taking over the loan.

Ask the bank if they will accept a short sale. A short sale is when the bank takes less than what is owed. For example, if you owe $100,000 dollars the bank might accept $90,000 dollars. This will allow you to sell the home fast to an investor. Usually you must have suffered a hardship in order to qualify for a short sale. Most banks will accept a short sale but you will need someone to make an offer. You can call local investors in your area or list your home with a realtor who specializes in short sales.

There are several ways to stop foreclosure but you must take action today. If you are facing foreclosure pick up the phone and call your mortgage company today.

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