No one asks to end up in foreclosure and for many people; it seems to happen before they even realize what has happened.
Some people find themselves with their home in foreclosure because of being laid off from work, having surgery that put them out of work, addictions, overspending, major car repairs and from many other things.
While the mortgage company may want to know what it is that caused you to fall behind on your mortgage payments, all that really matters is that it is all behind you now.
If you are able to keep up with your mortgage payments then you are good to go.
Now all you have to do is to stop the foreclosure action.
There are a few ways to stop a foreclosure sale on your home.
The first thing you might want to do is to talk with your mortgage company or a foreclosure attorney and see roughly how long you have between now and the time the house will go to auction.
While they will not be able to give you an exact amount of time if the sale has not yet been set, they should have no problem giving you a rough idea based on the laws of your state.
Some states can complete the foreclosure process from start to finish within 45 days while other states can take over a year and in some cases, it can be two years.
There are many factors that play a part in determining how long the average foreclosure is in each state.
Once you know about how much time you have, you will be able to decide which is the best route for you.
If you have a lot of time, you may try getting the money together to pay everything at once.
A total reinstatement will automatically stop the foreclosure process.
You do have to be careful to include the attorney fees and costs because the mortgage company expects that to be paid as well since they have to pay the attorney upfront for his services.
For those who do not have a few thousand to pay their mortgage up to date, there are more options.
Ask to speak with your mortgage companies loss mitigation or hardship department for a loan modification.
A loan modification, if approved, will bring your account current and possibly lower your interest rate, making your payments more affordable each month.
This may sound like a refinance but it is not.
Your credit score or the amount of equity you have in the home has nothing to do with the approval process for the loan modification.
All they want to see is that you are honestly able to afford your monthly payments again and that you are working.
If that does not work, you always have the option of refinancing your home.
A new mortgage will pay off your current one which stops the foreclosure.
You will be able to get a new payment and have a fresh start with a brand new company.
In addition, do not worry about your credit; there are many lenders out there that will be willing to work with you as long as you have sufficient income and equity in the home.
As you can see, there are a few options available for you in order to save your home from foreclosure.
You simply have to go through them all and decide which one is the best for you and your personal needs.