How To Find A Solution To Stop Foreclosure Sale

In order to stop foreclosure sale on your home, you will need to find a solution that fits your unique situation and needs. You will need to ask yourself some difficult questions in order to do this and you will need to be brutally honest with yourself about the answers.

Here are some questions you will need to ask yourself:

- Do I want to stay in the home?

- Am I currently financially able to afford the payments on my home?

- Will I ever be able to afford the payments on my home?

- What caused me to get behind in my mortgage payments?

- What is my current monthly income?

- What are my current monthly expenses?

- In what areas can I cut my spending?

- Do I have any friends or family members who would be willing to help me get current on my mortgage?

- Am I currently talking to my bank to try to actively find a solution?

- What workout packages can my bank offer me?

- Have I called local, state or national foreclosure resources to find out what my options are?

- Do I know how foreclosure works in my state and the timelines involved?

- Do I know when my foreclosure sale date is scheduled?

- Can I afford the help of a foreclosure attorney?

The answers to these questions will give you at least a starting point to help you stop foreclosure sale on your home. The biggest piece of the picture here is figuring out whether or not you can realistically afford to stay in the home.

If you can stay in the home, it means that your financial problems are temporary and can be fixed. At this point, you need to develop a plan for how to fix your financial problems. For a while, this may mean working more than one job in order to get back on your feet. This may mean asking friends or family for money so that you can get your mortgage current. This will mean working with your bank. Depending on your bank and your current financial situation, your bank may be able to offer you a loan modification that will help you keep your home. If you can stay in the home and you want to, you will need to find a way to stop foreclosure sale.

If you have looked at your finances and realize that you simply can no longer afford the home, you will need to look at how you can stop foreclosure sale by leaving the home. If the home would be able to sell for more than what you owe on your mortgage, selling the home or asking your bank about accepting a deed in lieu of foreclosure may be options for you. The deed in lieu of foreclosure basically means that you offer to hand over your house to the mortgage company in exchange for them not foreclosing on the house. If you owe more on the home than it is worth, a short sale might be an option for you. But a word of warning on short sales, banks tend to take their time with these and there is no guarantee of approval by the bank.