The 5 Best Ways To Stop Foreclosure Fast - Don't Wait

When you receive the dreaded notice that your home is going into foreclosure

, don't wait to take action. Even at this point there are things you can do to stop foreclosure fast. Here are the 5 best ways.

Although you may feel panicked or afraid at the thought of possibly losing your home, there is no time to waste in taking action. Your time to stop the foreclosure is limited so be prepared to immediately start fighting to keep your home.

Because you only have limited time, here's what to do.

1. Immediately get in touch with your mortgage holder and setup a face to face meeting. Insist on meeting with someone who has enough authority to make decisions. Do not discuss your situation over the phone. Be prepared when you attend the meeting. Have information about your employment status, the amount of money coming into the household, any assets you own, and your current expenses.

The lender should at least be willing to discuss options with you. If you are able to show that you have at least some resources at your disposal, you could qualify for a modified loan. Options could include an interest only loan for a set period of time, an extension on the term of your mortgage, or a reduction in the interest rate. The goal of these or other alternatives is to lower your payments so they are affordable for you.

2. If there is any equity in your home, you could possibly exchange this equity to clear up enough cash to bring your mortgage out of arrears. At the same time, it will be important to setup a new mortgage with terms that will make your payments within your means.

3. You may be able to get a one time payment from the FHA Insurance fund to bring your mortgage up to date. You may qualify if you are between four and twelve months delinquent on your payments and will now be able to make your full mortgage payments.

The FHA fund is designed to be used by those who were hit with temporary situations that prevented them from maintaining their payments and have fallen behind.

4. Get help from government agencies. There are many people who are dealing with foreclosure. The government recognizes the problem and has setup several programs to help.

These include President Obama's Mortgage Modification Program and Project Lifeline. Some programs are designed to be used for a short period of time. Others offer a more permanent fix if you qualify. HUD is also a good resource to contact for assistance.

5. A last resort kind of strategy may be to file suit against your creditors in court. There is such a huge backlog of cases waiting to be heard that this will give you some extra time to at least get your finances in order. An extreme measure like this should not be taken lightly. You should in fact, meet with an attorney who deals with foreclosure and other real estate transactions, before you actually file.

If you want to stop foreclosure fast, you need to take action right away. Don't put it off and hope foreclosure won't happen, because it will and then it will be too late to act.

by: Carolyn Langlois..

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