There are many options open to you when you are looking for information about how to stop foreclosure on your home. And no matter what naysayers may tell you, you always have many options open to you at every point in the foreclosure process. Six great options to help you stop the foreclosure of your home are:
1. Reinstatement of the loan.
This means you bring the loan current by paying all of the payments, late charges, legal fees and any other fees (and trust me, the bank will have plenty of these). I never did get a satisfactory answer from my bank about what some of those "fees" were. This option, of course, requires that you come up with a whole lot of money upfront. When you are looking at your options of how to stop foreclosure on your home, this is one that will require very little paperwork and time dealing with the bank.
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2. Payoff the loan in full.
I know, I know, probably not a realistic option for many people but it is an option.
3. Deed in lieu of foreclosure.
This one essentially means that you hand over your property to the bank. Chances are that the bank is not going to be interested in this one unless your property is worth more than what you currently owe on it. If you are looking at this option of how to stop foreclosure on your home, then the advice of a foreclosure attorney would definitely be a good idea.
4. Sell the property.
If your house is worth more than what you owe the bank, this is a great option. If your house is not worth more than what you owe the bank, you might be able to get the bank to agree to a short sale. In a short sale, the bank essentially agrees to take less money than what they are owed. If you are looking at how to stop foreclosure on your home with this option, you will definitely need to make sure that you have a good realtor. And if you are doing a short sale, be sure to have a realtor who knows and understands the short sale process.
5. File bankruptcy.
A Chapter 13 bankruptcy is basically a reorganization of your debts. It will at least temporarily stop foreclosure and it typically involves setting up a 3 to 5 year plan to repay your lenders. When you are looking at how to stop foreclosure on your home, this option is a good one if you are having problems meeting all of your debts. You will definitely need the services of a good bankruptcy attorney for this one.
6. Renegotiate with the lender.
When you look at how to stop foreclosure on your home, this one is an option before your home even goes into foreclosure. Most banks will at least try to work with you. This option involves talking to your lender and negotiating putting the loan back in service. This could mean reducing payments, forbearance (you temporarily stop making payments), or modifying the loan terms. This option all depends on what you and your lender are able to work out together.
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