How to Stop a Foreclosure

Foreclosures are becoming more and more popular nowadays with the falling economy. One missed mortgage payment could put you in default and start the process for foreclosure. Many homeowners now want to know how to stop a foreclosure. Each state has a different process and for example, Texas foreclosures can happen in as little as 27 days. Listed below are a few great ways that will help you learn what your options are.

Call Your Lender
This is the best way to stop a foreclosure. If for some reason you cannot make the payment on time, call them and see if they can work something out with you. Most banks are willing to do this as long as you are not already late on your payment.
Spread Payments Missed Over Longer Time Frames. This can both make your current payment and pay off any missed payments.

Consider Short Sales
If your home has a value that is less than what you bought it for, you may qualify for a short sale.  This however does have an effect on your credit but a foreclosure is worse. Either you or the agent you hire will need to negotiate with your lender to come to some sort of agreement.

Sell Your Home
If you are not able to afford your home, the easiest thing to do is to just sell your home. Start looking for a real estate agent to help you with this process and interview each one. Avoid using discount brokers as there are higher fees associated with them.
There are many options to homeowners when it comes to finding out how to stop a foreclosure. The best thing to do is to do research and talk to your lender. Most lenders are more than willing to go over your options with you.