For most people, their home is their biggest investment; so the thought of losing it is. No matter how much you plan and save, unexpected events can make it impossible to meet your payments. While this is obviously worrisome, your situation is not hopeless and there are things you can do. Before giving up on your situation, there are several options to stop foreclosure.

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The biggest mistake you can possibly make is to try to avoid your problem. You may think that if you simply ignore the calls and letters; you will be able to fix the situation before you lose your house. But if the situation stays the same or gets worse; you’ll be putting yourself in an even worse position. Foreclosure is not an easy thing for a bank either. It takes them time and money to foreclose on a home and re-sell it. It’s better for them if you continue to make your payments and keep your home. Also, while banks may seem like big, nameless, faceless companies, they are actually operated by real human beings who understand that bad things happen and it isn’t always your fault. You should try to talk to your creditor before you miss a payment. If you can offer them a solution to the problem, they will probably be willing to work something out with you to help. If you are uncomfortable talking to your lender directly, you can contacts an approved HUD counselor. They can help you work out various options and help you work with your lender.

If at all possible, don’t miss your mortgage payments. Missing a credit card payment or some other bill seems bad, but it’s not nearly as bad as missing a mortgage payment. Even if you don’t have all the money, making a partial payment is better than nothing. It will also make your lender more willing to work with you.

There are several options your lender may offer you for short term relief. This is if you cannot make payments for a limited amount of time. One option is a loan from the FHA. These loans are interest free and specifically designed to help people in danger of foreclosure and can help stop foreclosure. This is an option if you have already missed several payments (4 to 12 months worth) but can now begin making normal payments. This loan will provide money for the payments you missed, but must eventually be repaid (along with your FULL mortgage payments). If you missed payments, but now have a steady income and can pay those missed payments, you may be able to get reinstatement, in which you pay the missed payments as one lump sum, or forbearance, where payment is delayed if you work out a plan to repay in the future, or a repayment plan, which is when you pay off the money due by adding it on to your current mortgage payments.

If your money problems are not going away any time soon, there are other more drastic ways to stop foreclosure. You may be able to modify your existing mortgage agreement. This is generally done if you can make payments now, but do not have enough to compensate for missed payments. In this agreement, the terms of your mortgage will change to include the missing money. If you simply won’t be able to make payments now or in the future, you should try to sell your home. You should still discuss this with your lender first to ensure they will not foreclose before the sale takes place. If you cannot sell, you may be able to convince the bank to take your deed as payment. You still lose your home to the bank, but the affect on your credit rating is not as severe as foreclosure.

Remember when talking to your lender to always be prepared. Bring all your financial records with you when you come in for a meeting. Not only will they have a full idea of your financial abilities, they will also know you are serious and committed to setting things right. The last thing to remember is to never give up hope. There are many agencies and possibly personal friends who are willing to help you. You simply have to ask.

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