5 Ways To Stop Foreclosure Fast These Can Work If You Take Action Right Away

By Carolyn Langlois.

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.

When you get this notice, you may feel fear or panic that you are on the brink of losing your home to foreclosure. You have to put these feelings aside and take immediate action because you won't have a lot of time to try to stop the foreclosure.

Time is limited so this is what you should do.

1. Contact your mortgage holder and arrange a face to face meeting with someone who has authority to make decisions. Don't discuss anything on the phone. When you have your meeting, be prepared to supply facts and figures to the loan officer. They will want to know if you are employed or not, how much you make, assets, and current expenses.

Your lender should be willing to at least discuss possible options with you. If you can show that there are resources available in the household, you may be able to get a modified loan. The loan could be an interest only loan, a change in the length of the mortgage term, or a reduced rate of interest. The goal of any of these options is to reduce the size of your payments so they become affordable.

2. If you have some equity in your house, you could try to arrange a loan equal to the equity value and then use this to pay down your arrears. This will get you out of your current situation but you will also need to renegotiate the terms of your mortgage so you are able to afford your payments.

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.

This arrangement works for those who have been unemployed and are now working, but are unable to catch up on back payments.

4. Apply for assistance with the various government agencies. There are many people dealing with foreclosure. All levels of government recognize the immense problem, so a number of programs have been put in place to assist.

A couple of the more recent programs are the Obama Mortgage Modification Program and a program called Project Lifeline. Some government programs deal with the short term while others offer a longer term fix. You can also contact HUD 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.

To stop foreclosure fast there is no doubt that you will need to be prepared to take action as soon as you receive the notice. Don't put off taking action hoping the foreclosure will go away. It won't and by the time you realize that fact, it may be too late.

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