In order to stop foreclosure the first thing you'll need to do is become proactive. More often than not, when people fall behind on their mortgage payments they quickly turn toward avoidance. When it comes to saving your home, you absolutely cannot procrastinate.

The first step to stop foreclosure requires you to contact your lender. Chances are you will be assigned to an individual known as a loss mitigator. Bank loss mitigation departments can offer you options you may not know exist to save your home from the foreclosure process.

If you are able to pay the delinquent amount in a short period of time, the lender may simply reinstate your note. Typically, late fees and accrued interest will be added to the past due payments and must be paid in full. Many lenders will report the delinquent payments to the major credit bureaus.

If you are unable to pay the delinquency in full, it's best to prepare a repayment plan prior to contacting your lender. If at all possible, offer some upfront payment even if it is only a few hundred dollars.

At this point, the lender may offer you a Forbearance Agreement. This type of arrangement allows you to rollover payments to the end of the loan. Depending on the circumstances, the lender might temporarily suspend or reduce the payment amount.

Another option to stop foreclosure is to sell your home. There are several different strategies available. If you are already in the foreclosure process discuss options with your loss mitigator. If you have equity in your home, your lender may require you to work with a Realtor. Other lenders may approve listing the home as for sale by owner.

Your lender might also approve a short sale and allow you to sell the home for less than is due on the mortgage note. Engaging in short sales can be a complex and complicated matter. Experts recommend working with an attorney or real estate organization specializing in this type of transaction.

If you do not have any equity or unable to sell the house quickly, and you cannot become current on your payments, you might be able to give the house back to the lender. With a Deed in Lieu of Foreclosure, you voluntarily leave the home and the bank sells it through public auction.

A Deed in Lieu of Foreclosure allows you to walk away from the home and mortgage payment. However, you are still obligated to pay any creditor or tax liens against the property. It does not protect your credit, but is less detrimental than a foreclosure.

No one wants to lose their home to foreclosure. If you take action early, chances are good you can stop foreclosure from happening. There will be instances when people simply cannot save their home. While it may feel like it's the end of the world, it could be a golden opportunity.

Foreclosure has given many people a wake-up call as to how they handle their finances. Doing so helped them examine their lifestyle and curtail unnecessary expenses. They were then able to develop new financial strategies and either get back on track with their mortgage or begin saving for their next home.

Most importantly, do not think of foreclosure as failure. Millions of Americans are facing this hardship today and most of them were suckered into sub-prime loans with adjustable rates. Instead, look at it as an opportunity to start over with a fresh slate.

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