During a time when national foreclosure rates are through the roof, you may be looking for ways to halt foreclosure so you can keep that roof over your head. Usually, the process of foreclosure does not begin until you have incurred three periods of nonpayment on your mortgage. If you see this becoming a reality in your current financial state, now is the time to act.

©Cool1723 - flickr

©Cool1723 – flickr

Remaining in denial about your inability to make payments, assuring yourself next month will be better, is not the way to stop foreclosure before it occurs. Too many homeowners begin in this type of wishful thinking, only to be rewarded with a hardship longer than expected and further threats from lenders.Calculating your future monthly expenses and discerning whether you will likely be able to make payments is the first step.

Immediately after you establish that you will likely have trouble making your next two months’ premium payments on your loan, set up a meeting with your lender. Lack of communication never helped anyone solve their financial problems. Set your pride aside and arrange a meeting with the intent of discussing possible modifications that may be made to the terms of your loan, also known as a mortgage modification.

BanksLenders are usually not out to harm you and do not want to you to lose your home. What they would prefer is to initiate a loan modification to make your payments possible, or help you in saving your home through some other option such as a short sale. Your lender should be willing to work with you to stop foreclosure before more time elapses, and the sooner you speak with them, the more time they will give you.

When it comes to talking with your lender, you need to be able to negotiate to reach conditions both parties can be satisfied with. It is necessary to keep in mind that the lender also wants to protect its financial position and take as little loss on the mortgage as possible. This process can be improved on your end if you can hire someone to manage you and provide aid in your case.

Financial experts and lawyers are great people to turn to for help and advice. These informed and practiced individuals know what lenders are looking for, so they can help you put together the proper documentation to help you get an approval on a loan modification or other agreement to help avoid foreclosure. Even if you know what you want and can negotiate for it, it may still make sense to pay a professional to help you get through the lines and phone calls necessary to work with the lender.

You can always choose to go through the process on your own, but having an expert who has saved hundreds of homes belonging to other financially troubled people is a great boost for your confidence. The last thing you want when facing foreclosure is another thing to stress out about. Work with someone who will contact your lender immediately, not badger you over the phone or sit on their time until it is too late.

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