Stop Foreclosure Options

In the Special Forebearance Option to stop foreclosure, your mortgage lender may be able to arrange a repayment plan based on your current financial situation.

In addition, they may also provide a temporary reduction of your monthly mortgage or even suspend the payment for a few months (adding on to the time to pay for the full mortgage).

How to Know if You Qualify for Special Forebearance:

You may qualify for Special Forebearance to stop foreclosure if you have recently eperienced a reduction in income (loss of job, injury); or an increase in living expenses.

Usually your mortgage lender will require you to provide documents that will back up your financial hardship situation or you may even be required to write a Hardship Letter to Stop Foreclosure.

You may also be required to provide financial documents that will prove you can make the new payment plan, if a new payment plan is established.

If you qualify for a Mortgage Modification to stop foreclosure, you may be able to refinance the current mortgage and/or extend the term of your mortgage loan, which could lower your monthly payments where you can afford them.

Using a Mortgage Modification to stop foreclosure may help you catch up on your finances by reducing the monthly payments to a more affordable level.

How to Know If You Qualify for a Mortgage Modification:

You may qualify for this stop foreclosure option if you have recovered from a recent financial hardship, and can now afford the new payment amount.

Your mortgage lender may be able to work with you to help you get a one time payment from the FHA Insurance fund - HUD. This payment will be in the amount required to bring your mortgage current.

How to Know if You Qualify for a Partial Claim:

To qualify for a Partial Claim Option to Stop Foreclosure, your mortgage loan has to be at least 4 months past due, but cannot be more than 12 months past due.

You will also have to provide financial documents to prove that you will be able to make full mortgage payments.

When your lender files a Partial Claim, HUD -- the U.S. Department of Housing and Urban Development -- will pay your mortgage lender the amount required to bring your mortgage current.

You will be required to sign or execute a Promissory Note, and a Lien will be placed on your property until the Promissory Note is paid in full.

This Promissory Note to HUD is interest-free and is due when you pay off the first mortgage, or when you sell the property.

There are many more Stop Foreclosure Options available. It all depends on your personal situation.

The most important task you have if you are facing foreclosure is to DO Something! Please do not ignore the situation.

You can find NON Profit Government Agencies for Stop Foreclosure Counseling [click here] Who may be able to help you and give you more Stop Foreclosure Options.

Another excellent resources is:

Tips for Avoiding Foreclosure by HUD [click here]

* Stop Foreclosure Tips

* United States Foreclosure Laws

* Hardship Letter to Stop Foreclosure

* FRB - Foreclosure Resources for Consumers


STOP FORECLOSURE SQUIDOO LENS

* Free Stop Foreclosure Help Info

* How To Stop Foreclosure Yourself

* Stop Foreclosure Counseling Government Agencies

* Stop Foreclosure Options to Use

* Avoid Stop Foreclosure Scams