If you have watched you financial situation spiral out of control and are now in arrears on your mortgage payments, you should immediately start seeking the assistance you need to stop mortgage foreclosure. You may be surprised to learn that there are several ways to stop mortgage foreclosure, and they almost all involve, even more surprisingly, your mortgage lender.

Banks and other financial institutions are designed to use money to make money, and one of the ways they do it is by making home loans which are paid back with interest. They are not interested in the real estate brokering side of things, and do not want to foreclose on homes except as a last resort. But if you have become delinquent in your mortgage payments and made no indication to your lender that you intend to cover your default, you will receive a notice of foreclosure.

Move Fast

As soon as you get behind on your mortgage, you should take advantage of the fact that your bank really would prefer to keep you in you home. Contact your banker immediately to start working on a way to stop mortgage foreclosure. This is even more crucial if your mortgage is held by a first-time home buyers mortgage lender like HUD or Fannie Mae. They will have special programs especially geared to helping stop mortgage foreclosure.

* If you are fairly certain you will be able to catch up on your mortgage payments in three or four months, you can work with your bank to set up a repayment plan. Or, if you have lived in your home long enough to accumulate a significant amount of equity, you can explore refinancing as a way to stop mortgage foreclosure.

Use Your Home Equity

* The equity you have in your home can be determined by deducting what you have remaining on your home loan from your home's appraised value. When you borrow against your equity to refinance, just include the amount for which you are in default on your old mortgage in the new one. If you can, negotiate a more favorable interest rate on your new loan, so that your new monthly payments will be less of a stress on your budget. Refinancing is one of the most popular ways to stop mortgage foreclosure.

* If you haven't built much equity you may have to get a personal loan in order to stop mortgage foreclosure. If your credit does not yet reflect your financial situation, you may be able to get the amount you need from a commercial lender; otherwise, you can turn to family or friends. Having a foreclosure will do tremendous damage to your credit rating, so you should do your best to avoid it.

The only method certain to stop mortgage foreclosure is to pay off the total of your skipped mortgage payments. Being up front with your lender as soon as you are facing financial trouble will be the best way for you to buy the time you need to raise the necessary funds.

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