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Step 1
Call your lender right away if you know that you won't be able to make your mortgage payment on time. This gives them a heads up and often times they will allot you some time or extend your payment due date. This type of communication can stop home foreclosure proceedings and give you the time you need to come up with the mortgage payment.
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Step 2
If you are behind a few payments already discuss with your mortgage lender about the possibility of adding your delinquent or missed payments to the principal of your loan. If this is not an option through your lender then ask about other ways they are willing to work with you until you can attain the needed funds to bring your payments back to good standings.
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Step 3
Prioritize your bills and expenses to stop home foreclosure. Your mortgage lenders biggest concern is getting their money and if you are doing your best to catch up and it shows then they are more apt to be lenient and work with you so put your mortgage payment as a top priority.
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Step 4
Curb your expenses and pay a little extra each month if you are playing catch up. Find areas in your budget that you can cut back on or other ways to bring in a little extra finances each month; use coupons, buy generic, car pool, have a yard sale, refrain from eating out etc and put the added or saved money towards your mortgage to help offset the incurred debt.
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Step 5
Consider selling your home if you are unable to make your payments on it to stop home foreclosure. If your homes value is greater than that of your outstanding mortgage contact a Realtor and see about getting it listed before you end up losing your home and having it branded on your record.
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Step 6
Look into lenders who can help you to refinance your mortgage to help stop home foreclosure. For this step you really need to do your homework and find out what type of refinancing is going to be beneficial to you in your particular circumstances. In most circumstances finding a lender who will not charge you closing costs or is willing to add those costs directly into the loan is going to allow the best end result.
