You have received a notice that your house will be in foreclosure within a very short time period. What should you do?

1. Write down your hardship story in advance. It is by far better for your life if your house does not go into foreclosure but you have to have a good reason to prevent this. A job loss, family illness or death, divorce -something that is life shattering is something you want to document for your lender.

Natalia Osorio Editor of the “Stop Foreclosure Loans” website — http://www.StopForeclosureLoans.org — pointed out;

“…If something really difficult has happened in your life, you want to ask your lender to take the house back and give you a “Deed in Lieu of Foreclosure” where they agree to take back the property and agree to give you a receipt for the amount you still owe so that you can get on with your life. You want the opportunity to try to sell the house first, hopefully to get an offer they can live with, or if it is short, create a “short sale”…”

2. Get on the phone with your lender and ask a lot of questions. Ask them how you can stop foreclosure right away. Ask them what your options are and keep notes on your conversation. Document your communications with them should you need to refer to your communication later.

3. Ask the lender if you can do a “short sale”? Then get on the phone to a Realtor who has experience doing “short sales”. Typically the lender will want the property to be on the market for a minimum of 90 days before they will consider a “Deed in lieu of Foreclosure.” A “Short Sale” is where you get a buyer for your property but the buyer does not agree to pay all the you owe on it but will pay somewhat less. The lender then agrees to take what can be obtained from the buyer, and write off the owing balance.

4. Ask the lender if you can sell the property on a contract. The only way you can do this is if your loan papers do not have a “Due on Sale Clause” which says that when the property is sold, the lender gets paid first. You can even ask them if they will remove the “Due on Sale Clause” which is a legal maneuver that is sometimes possible. If you can do this, get a large enough down payment from potential buyers so that you can get caught up on your payments with your lender, thereby stopping your foreclosure. This is a possible scenario, contact your Realtor for more possibilities.

5. Talk to a real estate attorney. You may have legal protections that could stop foreclosure or at least slow it down considerably so you could take advantage of some other options. Typically mortgages contain clauses that refer to a “Right of Redemption” through your lender that could buy you some time.

6.To stop foreclosure many of the lenders have new programs to help you keep your house if you want to. Some of the plans are to modify your loan or refinance it. Interest rates are great so it would do you right to check this out too.

“…To stop foreclosure you must be aware of timing and deadlines and you must document all of your actions and communication with your lender and other related parties. It costs lenders a lot of money to take a foreclosure to completion –$30,000 and up for legal fees– so it is by far smarter to get the house sold, or get caught up on your payments as the lender does not want the property back as they will then have to try to sell it again…” N. Osorio added.

Stop foreclosure in order to protect your credit into the future. Always pay your house payment first so that you can be certain to always have a roof over your head.

Further information about how to get professional assistance with a mortgage loan modification by http://www.StopForeclosureLoans.org

Hector Milla runs his corporate website at http://www.OpsRegs.com where you can see all his articles and press releases.

Article Source:http://www.articlesbase.com/mortgage-articles/any-option-if-i-have-only-2-weeks-left-to-save-my-home-from-foreclosure-1757061.html