How to Stop Home Foreclosure

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By eHow Contributing Writer

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Life can be rough sometimes, catching us with our hands tied on various issues. Home foreclosure is real and can happens quickly if you are not prepared. The following will help you prevent your home being foreclosed upon.

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Difficulty: Moderate

Instructions

Step 1

Act quickly. If you are several months behind on your loan, a default notice will soon be on its way. If it has already come, you must take action immediately. Time is not on your side.
Step 2

Pay off the amount that is due to your mortgage company. This is the quickest and best way to take care of the issue.
Step 3

Contact a lawyer. He will be able to tell you the rights and options you have under the state law.
Step 4

Look at your current budget and see what the future holds for you.
Step 5

Call the mortgage company with this budget. They may be able to give you options (such as a payment plan) and work with you on the matter.
Step 6

Check with your company's human resource department regarding your 401(k). If applicable, you may be able to take out a financial hardship according to the plan's policy.
Step 7

Restructure the loan with changes to its terms and repayment plan.
Step 8

Refinance the loan.
Step 9

Sell the home before the foreclosure occurs.

Tips & Warnings

If you are unable to reach the first lawyer you call, call another. You do not have time to wait on anyone!
Do not sit on the foreclosure notice as if it will take care of itself. In many states, a mortgage company may sell your home the first Tuesday of the month after you have been notified of its default.

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