Homeowners Can Stop Foreclosure

Many homeowners are finding themselves staring down the barrel of mortgage default and a looming foreclosure sale. There are a lot of homeowners who think that all hope is lost and that their is nothing that they can do. They feel hopeless. The thoughts of uncertainty are too much for many to deal with.


Where will we go?
Will are kids be able to stay in school?
What about the dog?
How am I going to tell my family?

I have good news for these homeowners stuck amidst the cloud of uncertainty and fear. There is hope for a brighter tomorrow. Homeowners are able to stop foreclosure. There are literally dozens upon dozens of foreclosure solutions available for homeowners who find themselves amidst a financial hardship.


Below I have created a list of some of the most common methods homeowners use to stop foreclosure. Under each label is a brief description as well as links to resources offering further research.


Hang in there. You can stop foreclosure.

How Homeowners Stop Foreclosure

Loan Modification

Loan Modification has become increasingly popular. This debt help solution allows homeowners to lower their monthly mortgage payment.

• HAMP - Home Affordable Modification Program
• Qualifications for Obama Modification Assistance
• Modification Basics

Mortgage Refinance

Mortgage Refinance has become increasingly difficult but if a mortgage refinance is obtainable it is one of the more favorable mortgage workouts available to Homeowners.

• HARP - Home Affordable Refinance Program
• Qualifications for Obama Refinance Assistance
• How to Apply for HARP

Short Sale

Short Sale is quite common in the world of foreclosure but the homeowner will always lose their home in this situation.

• How to Stop Foreclosure with a Short Sale
• Short Sale Basics

Hard Money Loan

Hard Money Loans are very lucrative for investors if equity has accumulated in the property.

• Hard Money Loan

Loan Audit

Loan Audits performed by lawyers in effort to find grounds to legally challenge the lender is a new trend. Many have found success, as the lender will often opt for loan modification at the threat of a lawsuit.

• Stop Foreclosure through Law and the Courts

Bankruptcy

Bankruptcy will stop the foreclosure proceedings but generally the Homeowner will eventually lose the home down the road.

• Bankruptcy
• HAMP Help for Homeowners in Bankruptcy

Forbearance

The lender often grants a forbearance agreement or a repayment plan to the Homeowner in efforts to retain home ownership.


Home Sale

Selling the home on the open market is a way to stop foreclosure but it is generally a better idea to postpone the sale to relieve the discounting pressure on the sales price of a home when in foreclosure.

• Home Sale

These mortgage solutions that allow Homeowners to stop foreclosure are just some of the many mortgage workout options that are available to Homeowners who need to stop foreclosure and save their home.