Counselors are available free to help you in working with your foreclosure. These advisors work with a non-profit agency and are experienced and trained to offer you information that will make you conscious of resources to help make the best call for you and your folks.

1. Educate yourself about foreclosures and find a starting point. There are good companies that will help you gather information, do research, analysis and reveal options to help you implement the right plan for your family. Free Foreclosure Stop is assisting families with their financial and foreclosure needs.

2. Unless you are stealing Peter to pay Paul by trying credit cards, retirement accounts, kid’s school funds and borrowing from family members, reevaluate your expenses and attempt to make a payment.

3. Refinance Your Loan. New laws make is easier to refinance mortgages to traditionally low rates.
4. Do a Loan Modification. With a modification, the lender can lower your payments by a combination of reducing your interest rate or lengthening the term of your loan. The incentive lenders have to modify your loan is that foreclosure is very expensive, so keeping a borrower in the home is often a prudent thing to do

5. Short Sale your Home. If your bank agrees to a short sale, hire an agent to discover a buyer for the house. You sell the house at a total loss, and with the bank’s blessing, they agree to eat the loss ( though they could still demand the homeowner make some kind of payment or share the loss ) .