Stop Home Foreclosure.net : Help and Solutions for Home Owners

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The actions that you should take all depend on many situational variables and what kind of outcome you desire. Some of the factors include what stage of the foreclosure you are in, how much equity you have in your house, what other kinds of assets you have, if you are employed, how your credit score is doing, etc.

One of the major variables is which state you are located in. There are several state-level governing laws and rules about individual mortgages and loans. You might want to first research some of those regulations that apply in your state before you do anything.

The first thing you are going to want to do is do some research and find out what your rights are in this process. A lot of people do whatever the bank says without actually knowing if that’s the law or not. Find out what information and time you have the right to according to the laws in the applicable state.

If you contact your lender, you may be able to get a Deed in Lieu of Foreclosure. This would help you avoid your foreclosure being publicly listed. That’s right, any mortgages that go into foreclosure are publicly listed, so you might get some cash-hungry property investors making low-ball offers on your property to “help you”. There are a number of other advantages of a Deed in Lieu of Foreclosure that can help you in your situation. If you are in good financial standing (your house is worth more than your outstanding loan balance), your lender may be reluctant to issue you a Deed in Lieu of Foreclosure.

If you want to continue living at your house, you have two options:

Get your finances straight and catch up on your mortgage payments. This is often times difficult and could be done by borrowing money from trusted friends of family.
Selling your house to an investor whom agrees to rent it out to you. This situation is only desirable if selling is your only option because you simply cannot afford the house you bought. It is very nice to not have to move out and create additional added stress in a time that is already so difficult. You can keep your address, stay at your same job, not have to look for a new place, and not really have to explain anything to your kids or spouse.

Regardless of the situation, make sure you know what you are facing, what caused your risk of foreclosure in the first place, and what you can expect.

What to do