Stopping Foreclosure Takes Commitment? And Fast Thinking

by : Jeff Herring

There are currently thousands of homeowners across the country worried about stopping foreclosure on their properties. Foreclosure is simply a legal process through which lenders can repossess a real estate property on which the home loan has not been paid. After three months of non-payment by the homeowner, lenders can usually start proceedings to repossess the property and resell it. Losing a home through foreclosure causes immense stress, can ruin a credit rating, and, of course, leaves a homeowner without a place to stay.

Anyone who is facing the possibility of losing their home needs to take steps for stopping foreclosure immediately. In this process, time is of the essence and homeowners should be quick to seek help as soon as they realize that they are going to have financial problems that may make it hard for them to meet their mortgage responsibilities.

If you're a homeowner who realizes that mortgage bills may have to go unpaid, you should contact your lender immediately. Even before you miss that first payment, call your lender and explain the situation. Most lenders, contrary to popular belief, do not want the foreclosure process to take place. Lenders are in the mortgage business, and do not really want to own real estate. Plus, many lenders face pressure from shareholders and bosses when a loan they have approved his defaulted on. It simply makes the lenders look as though they have poor decision-making capabilities when it comes to granting mortgages. For all these reasons, lenders are often willing to work out an alternate payment schedule or are willing to work out some other option with a homeowner who is genuinely in trouble.

The worst thing that homeowners can do is to ignore the problem. Stopping foreclosure depends on fast action, not on ignoring the problem. Financial problems rarely go away instantly, and homeowners need to be proactive when looking for foreclosure solutions. In many cases, when homeowners are in serious financial trouble, they can use the money they have already put into their home in order to get out of financial jeopardy. Homeowners who own their home free and clear can sell their home for cash. This instantly reduces the amount of money they have to pay for maintaining the property, and also gives them the money they need up front to start over financially and get back on track. Unfortunately, selling a home can take months through a real estate agent. In cases where a homeowner is facing foreclosure, there may simply not be that much time before legal action is taken. For this reason, many smart homeowners turn to for help selling their home in just a few days for quick cash.