An increasing number of householders are dealing with property foreclosure as a result of late mortgage payments. Perhaps your own property is in danger of being taken away as a result of foreclosure? Often the question “How can I avoid the foreclosure process right now?” it can loom sinisterly inside your mind. Think about the home you love so much and worked so hard for. You must save it, but how?

Obviously, as long as you pay your mortgage payments on time, you don’t have any problem. But, what happens if the economic slowdown or different unavoidable factors make you default on one of your payments?

In this case, the foreclosure would have to follow last (if you don’t find a way to get back on track, which is exactly what I’ll show you how to do!). What else can you do? You need some good, proven methods to avoid or stop foreclosure, and here they are:

First, use the partial claim option
This can be an effective way to avoid foreclosure. It gives you the option to refinance your home loan by advancing some cash on behalf of the provider. These claims will not include interest payments, and will be paid only until the home is no longer owned by the lender, or until the stage where you paid off the first home loan.

Second, requesting a modification to the terms of the mortgage (also considered a mortgage loan modification)
A. You can also choose the Indy-MAC program. This will also be based on around thirty-eight percent of the HTI (House to Income) ratio, coming down to just 31%. In this type of program, the interest rate is reduced to three percent and the repayment term can be extended up to forty years. This can make it much easier for you to meet your obligations and avoid foreclosure. You must make a payment due before this plan starts. You can only use this plan if you still reside in your home.

B. The Freddie Mac Program (also known as the Fannie Mae Plan) is much like the SMP, but it is accelerated. The goal is to allow homeowners to make their own mortgages affordable by lowering interest levels to 3% or less and extending the repayment period. To use this program and avoid foreclosure, you must qualify.

C. You can get a Simplified Loan Modification Program (SMP) where you will pay the provider 38% of the gross cash flow. This is definitely one of the foreclosure remedies. To convert your personal mortgage to the SMP plan, you must pay at least 3 sequential payments on time. This really is a powerful way to avoid and stop foreclosure.

There are other means that are just as effective as the above in stopping foreclosure. Patience, for example, is one of them. Considering the fact that different ways to stop foreclosure are offered to homeowners who are currently unable to make payments due to job loss (possibly), demotion, or God forbid – death from someone in your family, you just need to carefully choose the means that can work for you.

Now that I’ve shown you that remedies and solutions exist, take action right now and get rid of that dread associated with foreclosures!