subject: Can You Stop Foreclosing on Your Home? [print this page] The answer to this question really depends on your situation. Before you answer it, you really need to take an honest inventory of what is going on in your life that caused you to be in foreclosure. So let's start with that.
Have your finances changed permanently? If you have become disabled or have divorced, chances are that you have a permanent change to your financial situation that has caused the foreclosing on your home. Take some time to look at all of your current expenses. What would your mortgage payment realistically have to be in order for you to afford it? If your mortgage payment takes more than 50 percent of your income, chances are that the payment is too much for you to afford.
Are your money problems temporary? If you became unemployed or have a short-term disability, it is likely that you can recover from that. You can find another job. If you have to take a significant pay reduction when you find work again, that could end up being more of a permanent financial issue. When you look for employment, do take into account what your mortgage payment is and whether or not you will be able to pay it on the salary being offered.
If your financial picture has permanently changed, you might have a harder time being able to stop the foreclosing on your home. Your bank would have to agree to a permanent modification to your payments or you might need to declare bankruptcy. If your problems are temporary, getting the bank to agree to temporarily cease payments or to have a temporarily lower payment might be a better option.
