Foreclosure is a legal term referring to an action when a borrower does not pay the monthly payment. If the borrower does not pay even if two months have passed, the lender can begin foreclosure proceeding. The borrower will be required to pay all the balance or have the home taken within months. The good news is that there is some help to stop foreclosure.
If you do not want someone to foreclose on your home, do not just sit and wait for the results. Ask the lender if he can forgive you for not paying on time. State all your reasons; these must be true and reasonable. The lender may think again and give you possible options. One option may be that the lender would require you to pay half or less of the current past due balance and pay all the remaining debt in the following months. Another option is to modify the contract's terms and make a new contract that will fit you and the lender. If you and the lender agree on terms, then the foreclosure will be withdrawn.
If the lender will not agree to giving you viable options to foreclosure, then seek the help of foreclosure services. These could be private organizations or government offices that will provide you information on how to resolve this. They may be able to help stop foreclosure by giving legal assistance and loaning that will suit your budget.
If the assistance of these organizations does not work, then try selling your house. You can use the money to pay the entire debt from your lender. The good thing about this is that it will give you time to find another living situation.
If everything fails, you may be able to declare bankruptcy. This is not an option that works for everyone so be sure to talk to a bankruptcy attorney about what your possible options are. Many will do a free initial consultation.
Before it is too late, start fixing the damage. Do not hesitate to ask for help if you cannot do this alone. In the future, you might pay all your debt and live your life with fewer worries.