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Despite it being an election year, the economy remains in limbo. That means home foreclosures will continue to occur at an alarming rate. This does not need to be the case.
There are a number of legal and non-fraudulent ways that you can stop foreclosure. No loan modification companies or forensic audit scams necessary.
Everyone's situation is different, so you'll need to do a bit of research and consult with experts. But one of the following options may ultimately save your home and credit.
Loan Modification. There are a lot of scams out there, and they usually cost money. If you can't personally get through to your lender, contact one of the organizations responsible for carrying out the federal Making Home Affordable Program. It's free and legit.
Bankruptcy. This option will stop foreclosure, but you might be forced to sell your home. But in some cases, you can work out a repayment plan and avoid sale. Consult with a lawyer, as bankruptcy requires careful consideration.
Redemption. This is a little known way to stop foreclosure, and it's only available in about half the states. These states give homeowners a statutory right of redemption that kicks in after a foreclosure sale.
Homeowners have about 6 months to 1 year to pay the mortgage and cancel out the sale. They can often live in the home during that time.
Also noteworthy, you could also try to sell your home via a short sale. Sometimes keeping your home is not a viable option. In such a case, you should still try to stop foreclosure. It'll save your credit score. You can do an out-right sale, or you can work with your bank.
If you need help implementing one of the above options, or finding an alternative way to stop foreclosure, be careful. Avoid a scam by seeking help and referrals from government agencies, and researching companies and attorneys first.