Stopping Foreclosure on Your Home

Depending on where you are in the foreclosure process, it may not be too late to contact your lender and try to work with them. Remember, lenders are in business to make money, not to own homes.

Unless you have already received a notice that your home is going to be auctioned, it's not too late to work with the lender. Consider contacting the HUD office in your local area, with all of the publicity recently about foreclosures (and the new Foreclosure hotline) you may still be able to save your home. There may be help available to you.

If the reason for the foreclosure is you simply cannot make your mortgage payments and you know that you're not in a position to keep the payments up after re-negotiations you should contact an attorney who specializes in foreclosures or a real estate attorney. If you do renegotiate, then chances are that there will be NO real warning on foreclosure after renegotiation because then you will be asked for 'deed in lieu of foreclosure' and that will mean that after whatever process is legally required by the laws in your state (see the links below) then the mortgage company can immediately auction your home.

Make no mistake about it, if you are facing foreclosure it is one of the most intimidating things that can happen to you. Understanding the foreclosure process will help you understand what options you have a available to you. You should always contact a licensed attorney to help you understand what time frame you are dealing with when facing foreclosure. Do not risk your home simply because you did not get the help you needed.

Your mortgage company may be able to offer you some assistance if you call them before you are so far behind that you cannot bail out. In some extreme cases, you may want to consider filing for bankruptcy. In some states, deficiency judgments may also mean that even if your home is foreclosed on that you still will owe money to the mortgage company. Make sure that you know your rights and that you understand what options are available to you.