How to Stop Foreclosure Fast

Foreclosure is a process by which a mortgage lender takes possession and sells the borrower’s home to recover unpaid debt. It can take from a few months to several years to complete, depending on the state and specific circumstances. If you’re behind on your mortgage payments, don’t give up hope; there are options available to stop foreclosure fast.

First and foremost, stop foreclosure fast to work out an arrangement with your lender to bring your loan current. Your lender may offer a forbearance period or other options to prevent foreclosure. You can also seek financial assistance and consider other solutions, such as selling your property for a short sale (in which the lender accepts the sale price as full payment and forgives the remaining debt).

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If you miss mortgage payments, your lender or loan servicer may send you a demand letter or notice of default, which indicates how much is past due and provides an additional 30-day window to make arrangements before the foreclosure process begins. The lender or servicer can also charge late fees and interest on the missed payments, which could add hundreds to thousands of dollars to the amount you owe.

Contact your mortgage company immediately and request foreclosure prevention services. You can also seek help from nonprofit organizations that offer free or low-cost homeownership counseling and other financial help. HUD-approved housing counselors can assist you with foreclosure prevention (also known as loss mitigation) options, which can change the terms of your mortgage, delay or suspend foreclosure proceedings and/or save your home.

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