©Idea go - freedigitalphotos

©Idea go – freedigitalphotos

Finding your options when facing foreclosure can seem very difficult, but here are 10 easy steps to help you determine which options are available for your exact situation. In most cases, you will need to work with professional foreclosure, real estate, and mortgage professionals, but you could also use these steps on your own, without help.


  • Understand the foreclosure process and timeline for your state and determine your exact location on that timeline. You need to know exactly how much time you have left for each stage of foreclosure. At this point you will also be requesting that the lender put the entire foreclosure process on hold for 30 days for you to present a foreclosure alternative.




  • Request a payoff for all of the mortgages and liens against your property. This payoff should be



requested officially and is good for 30 days. This is not the amount they give you on the monthly statements or tell you over the phone.

  • Establish the exact amount you will need to bring your mortgage current. This number increases on a daily basis, so you will request the total arrears along with the exact amount of additional fees on a daily basis. Again, this number must be



requested officially, they do not give you accurate figures over the phone or in your monthly statements. You will also submit a request to reduce the amount of legal fees and to stop additional fees for 30 days.

  • Perform a complete valuation or appraisal on the property. This includes taking price opinions from many sources and determining the current market value of the home. Because of the current market conditions and inflated or inaccurate appraisals, you



must complete a current valuation; a previous or recent appraisal may not reflect the true market value of your home. This is a very important part of negotiating with your lender.

  • Determine your total household monthly income. In many cases, there is additional income that can be used towards your Debt to Income Ratio (DTI). Your DTI is used to determine whether you qualify for both refinancing and any type of loan workout or modification.




  • Complete a full mitigation package including all verification documents, hardship letter, and supporting documents. Your hardship letter will include the 10 required points along with supporting documents showing a financial correction. A request for a pre-qualified workout solution or loan modification will also be part of your mitigation package. When presented correctly, your Mitigation package with have the best chance of success.




  • Submit your mortgage application for refinance through one of our preferred partners. Unlike mortgage companies who have turned you down in the past, our partners will base their decision on your equity and your ability to repay the loan, not your credit.




  • Solicit offers from private lenders and investors. With the ForeclosureFish system, you will have access to private investors who can refinance your home or provide you with a new loan with



interest rates as low as 5%. Private investors offer a unique opportunity to homeowners and in many cases homeowners are able to cut their monthly payment in half!

  • Compare the legal requirements of foreclosure in your state to determine if your lender has taken the legal steps necessary to foreclose on your home. If your lender has not properly completed these steps, the foreclosure may be illegal and can be reversed by your attorney.



  1. Increase your income as much as possible and raise as much money by selling belonging that are no longer used. The more cash you have on hand, the easier it will be to carry out any method to stop foreclosure.

Once all the previous steps have been completed, you should have several legitimate options to stop foreclosure. Simply choose the option that fits best into your long term financial plan. After you complete the foreclosure recovery plan, you can begin to repair your credit. It’s important to begin both of these processes as quickly as possible, so don’t waste any time.

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