Once a bank has started foreclosure proceedings, it is difficult to get them stopped. However, there are three different ways that it may be possible to stop foreclosure on your home. Those three ways are refinancing, bankruptcy and loan modification.

First, you can try stopping the foreclosure process by refinancing your mortgage. This is the process of obtaining a new loan to replace your current mortgage. If you qualify, your old lender will be paid off during the loan closing process for your refinance loan, and the foreclosure will be terminated.

It is much easier to qualify for refinancing if you apply before it is obvious that you are having trouble making your payments. You will have much better luck with this if you have not yet fallen behind on your mortgage payment. The closer you are to being caught up with your payments, the better. If you are thinking about refinancing, try to get the process started as soon as possible to improve your chances.

You can also halt foreclosure proceedings by filing for chapter thirteen bankruptcy reorganization. This procedure can sometimes save a home from foreclosure because it allows you to come up with a plan for paying off your debts that creditors must go along with. However, when you file for bankruptcy, it can stay on your credit report for ten years.

If your concern is more for remaining in your current home than keeping your credit report from getting too filled up with negatives, this solution might be right for you. You should talk about your situation with a qualified bankruptcy attorney who has plenty of experience representing people who are going through foreclosure. You may be able to get a free consultation so that you don’t have to pay the attorney unless you go through with the bankruptcy.

The third way to stop foreclosure is to work out a loan modification with your lender. You have to time things just right in order to be able to do a loan modification. Most banks will not consider a loan modification if your payments are still current, no matter how hard it is for you to pay them. They also won’t work with you if the foreclosure process is too far along.

Negotiating a loan modification can be difficult, but there are experts available who can help you get your loan modification approved. If you are a do-it-yourself kind of person, you can purchase a book that tells you what to expect and explains how to fill out the forms that your lender will require.

These three techniques for stopping foreclosure all have pros and cons. You should investigate each option thoroughly before deciding on a course of action. The method you choose will depend on how far along in the foreclosure process you are and whether your ultimate goal is to keep your home or salvage your credit the best you can.

Once a bank has started foreclosure proceedings, it is almost impossible to get them stopped. However, there are a couple of different ways that it may be possible to Stop Foreclosure on your home. The first being Foreclosure Help.

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