| A foreclosure means that the mortgage company or | | | | them to see what your stop foreclosure loan options |
| lending institution for your home can take it back to | | | | are. In most cases, lenders are more than willing to find |
| resell if you fall behind on payments. When this occurs, | | | | a solution to the problem. Foreclosure is not an option |
| you have several options. First, you can go through a | | | | that they want to pursue. Your lender would much |
| process to keep your home. Second, you can sell the | | | | rather help you keep your home and continue to |
| home on your own and then pay off the loan plus any | | | | receive interest payments from you than be saddled |
| fees. Third, you can allow the home to go through | | | | with a property that they might not be able to resell for |
| foreclosure where they sell the home and you are | | | | the amount that you owe. |
| responsible for any difference between the price the | | | | The number one requirement for receiving this type of |
| house sold for and the payoff balance. | | | | loan is the ability to pay the new mortgage and |
| Finding out that your home is entering foreclosure is | | | | resolve your financial issues. If the lender can see that |
| one of the most devastating things that can happen to | | | | the new loan would make it possible to make your |
| a homeowner. During this emotional time, it is very | | | | payments on time and get your finances in order, they |
| easy to make irrational decisions that can result in the | | | | will be more willing to issue a stop foreclosure loan |
| loss of your home and a ruined credit report. Receiving | | | | than they would if it seems like you will not be able to |
| a foreclosure notice is not the end of the line, though; it | | | | afford the new mortgage any more than you can |
| is simply a call to action. There are a few ways that | | | | afford your current one. |
| you can save your home such as the stop foreclosure | | | | While you may not get the best interest rates with this |
| loan. | | | | type of loan, a stop foreclosure loan could be the key |
| Once you have received a foreclosure notice from | | | | to keeping your home and getting back on track |
| your lender, it is extremely important that you contact | | | | financially. |