What Are Your Options To Stop House Foreclosure

There are several options open to you when you are looking at ways that you can stop house foreclosure. What those options are vary from situation to situation and involve several factors including your mortgage company, your state’s laws and most importantly, you. So what are some of these options?

A Loan Modification. This can take many different forms. It could be a modification of the interest rate on your loan. It could be a modification to the length of your loan. You are going to need to talk to your mortgage company if you want to try to go this route. You will have to figure out with them what you can qualify for and what will work for your situation in order to stop house foreclosure.

Sell Your Home. This one can get complicated, especially if you owe more on your loan than what the house is currently worth. If you no longer want to live in the house or if you simply cannot afford it anymore, this can be a good option to stop house foreclosure. This works the best when you can sell the house for a profit or can at least not sell it at a loss. If you do owe more on the house than what it can sell for, you are going to have to try to work out a short sale agreement with your mortgage company. This one can get difficult and mortgage companies are often very slow about approving these. Your mortgage company can also simply decide that they are not going to approve it.

Paying the Mortgage Current. This does not have to be as difficult as it sounds. You may be able to workout an arrangement with the mortgage company to pay back what you owe them in installments. Different mortgage companies have different requirements and guidelines for this so you will need to check with your mortgage company to see if this is an option for you to stop house foreclosure. Chances are that this will mean that you have to bring in some extra income for a while so be sure that this is something you can afford.