Wouldn't You Like To Stop Mortgage Foreclosure?

If you are facing mortgage foreclosure, the answer is clearly: "Yes, I want to stop mortgage foreclosure!" The next question is: How?

The simple answer, and the only answer, to the second question is to pay your mortgage lender. Of course, you are facing foreclosure because you cannot pay your monthly mortgage payments. So, just how do you pay your mortgage lender? That is where several options come into play.

First, you can talk with your lender. Because your lender really doesn't want your home (your lender is in the loan business, not the real estate business), your lender may be willing to work with you. Your mortgage lender holds your mortgage or deed of trust and may be willing to make changes or modifications to help you keep your home if your lender sees that it will be paid. You do need to realize that a mortgage lender is not required to work with you. And some mortgage lenders will not work with you for whatever reason. You just have to call your mortgage lender and find out if they will work with you.

Second, depending on your situation, you may be able to obtain a new loan to payoff your existing loan.

Third, you may be able to file bankruptcy. A Chapter 13 bankruptcy is a court ordered payment plan which may allow you to pay your mortgage lender over a period of time.

The plain truth is that you will not be able to stop or avoid mortgage foreclosure if you cannot pay your mortgage lender. A mortgage loan is like a car loan. If you do not pay a car loan, you will lose the car. If you do not pay your home loan, you will lose your home.

If you know that there is no way that you can pay your mortgage lender, you realize that you are going to lose your house, and you just want to stop mortgage foreclosure, you can try two things.

First, you can try to sell your house. Obviously, your mortgage loan would have to be paid from the sale, thereby stopping the mortgage foreclosure.

Second, you can try giving your house to your mortgage lender with a deed in lieu of foreclosure. Your mortgage lender must agree to this and you must qualify.

It is important to realize that you may have options, but not every option works in every situation. What works for one person may or may not work for you. You need to check out each option to pay your lender to stop mortgage foreclosure.

This article is general information. If you have any questions of any nature about how to stop mortgage foreclosure, talk with a lawyer licensed in your state.

Stop! Don't blindly chase any option to stop foreclosure. See stop foreclosure options to learn what options you have in your situation. Remember, what works in one person's situation, may or may not work in your situation to stop, avoid, and prevent foreclosure. For more general information, see Stop Foreclosure - Five Options You Need To Know.

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