No one buys a home and takes out a mortgage with the idea that some day they will default on the payments. Nobody wants to hear those dreaded words "foreclosure". When this happens all you can think of is how can I stop foreclosure and save my home?

Unfortunately a financial crisis can happen at any time. Illness, lost of a job, divorce and high credit card debt can wreck havoc with your budge and cause you to be late or miss a mortgage payment. However there are ways you can avoid foreclosure or if foreclosure proceedings have started how you can stop foreclosure and save your home.

The first thing is to have an amount in the bank to handle 3-6 months of your basic needs in case you are out of work. The realty is most people don't have the extra money to salt away for a raining day. So here are some options your lender may offer you if you miss a payment and want to avoid foreclosure:

Repayment plan: If you suffer a short-term financial setback (expensive car repairs, a medical emergency), your lender may provide some breathing room by agreeing to let you pay off your missed payment in two installments over the next two months.

Loan modification: Mortgage servicers can adjust the terms of your loan -- most often by lengthening the amortization schedule, lowering the interest rate or rolling the delinquent amount into the loan and reamortizing the new balance -- to help you bring the loan current.

Short refinance: The lender forgives some of your debt and refinances the rest into a new loan.

The most important thing is to talk to your lender as soon as you realize you may be late with a payment. Don't wait for the bank to contact you! Being upfront with the bank and honest will go a long way towards stopping foreclosure and saving your home. Never assume the situation is hopeless. Remember the bank doesn't want your house. They will work with you. The solutions may be tough ones but it beats losing your house and ruining your credit. Don't put your head in the sand hoping it will all go away. Bad news doesn't get better with time.

More info on your stop foreclosure information search:

Get Free Foreclosure Advice and Free Refinance Quotes
Get your free on-line foreclosure refinance quote and free advice from foreclosure mitigation specialist in minutes. Compare real offers from top national subprime and hard money lenders... more...

California Law for Real Estate Investors - Including Forclosure Issues
Probate Issues One mistake that California real-estate investors make is signing a purchase contract too soon when a probate is required. Some real-estate investors try to buy properties when the deceased left real estate to family members or friends who cannot make the monthly loan payments. If ... more...

Foreclosure Problems? Get Help
When a person becomes late on their monthly house payment, eventually the lender will begin foreclosure proceedings which in most cases will start with a notice of default or a lis pendens recorded with the county where the property is located. There are data companies that collect this information ... more...

Equity Loan Mortgages May Help Homeowners Prevent Foreclosure
One of the solutions to foreclosure that we discuss much less often than others is obtaining an equity loan to pay off the arrears and reinstate the mortgage. This is because it is one of the more difficult options to qualify for, possibly more difficult than a standard foreclosure refinance. ... more...

Stop Foreclosure Loan - The Truth About What Can A Stop Foreclosure Loan Can Do For You
Stop foreclosure loan facts and fiction revealed. Irrespective of what anyone may have told you getting a stop foreclosure is fairly easily achievable. There are many lenders ready to provide you with a foreclosure loan irrespective of your credit history or even your historical mortgage loan ... more...