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3 routes for trying to stop a foreclosure

If you are facing the threat of a foreclosure, you may dread even thinking about the facts that got you into this place. The thought of a foreclosure is depressing; it probably never entered your mind when you first bought your home. However, even if you are falling behind on payments, you do not need to lose all hope.

There are some steps you can take to try prevent the foreclosure process even if you get a notice of default. Here are some possible avenues for attempting to stop a foreclosure

1. Talk to your lender

According to Tara-Nicholle Nelson from HGTV, the first step you should take to avoid foreclosure is to try and work something out with your lender. Though you may feel fear or embarrassment, you may want to start communicating with the mortgage company as soon as possible. You never know-your lender may be completely willing to come to a compromise. 

2. Declare bankruptcy

Filing for bankruptcy can sometimes be an effective way to immediately stop foreclosure. As soon as you declare bankruptcy, federal law prohibits your mortgage lender from foreclosing your home. Declaring bankruptcy essentially freezes the foreclosure process. Then, you may be able to work out a repayment plan to get back on track with your mortgage payments.

 3. Seek a loan modification

Another option is to try to modify your mortgage bill. You may be able to extend the duration of your mortgage, reduce your interest rate or extend the amortization period. This way you can keep your existing mortgage simply by adjusting its terms. 

A firm understanding of one's options and prompt action can be key when facing foreclosure. Working something out sooner can be much better than waiting until the last minute. It can be very important to communicate smartly with your lender, get help from a lawyer and consider all your options.

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