There are steps to stop foreclosure immediately, but you must do things to get this done.
Call your mortgage lender and ask about the different packages they have available to you.
Most of them have 4 or 5 services that can help you pull out of this situation.
Some of the different things they will offer are: Loan Modification: This is where your loan will be modified , and your remaining balance will be added to the end of your loan.
This could end up causing your monthly payments to be slightly higher.
Forbearance: Due to hard times the lender will write off 3 months of your loan.
If the duration is over 3 months, then you will still owe money.
Short Sale: To save your sale a short sale might be inevitable.
The provider will knock the price way down on your home to get it sold as quickly as possible.
IF you do not owe that much on your loan you will be in good shape.
Nationwide Home Owners Retention Plan: This was started by the government to keep homeowners from losing their houses.
This program is basically like refinancing.
The terms, interest rate, and everything related to the loan will be changed.
This is a great program for those who cannot afford their monthly payments.
If you have the right tools then you can take steps to stop foreclosure immediately, but you must do certain things for this to work.
The sooner you take action the better chance you have to save your home.