How to Receive Foreclosure Help
- 1). Ask your lender to reduce your house payment to stop a foreclosure. Reducing your home loan payment by several hundred dollars can make a difference. Talk to your lender and file a request for a mortgage modification. If approved, your provider decreases the required monthly payment to help you keep the house.
- 2). Explain financial hardship and request a forbearance. A previously good payment history may qualify you for a loan forbearance. This short-term solution to foreclosure stops payments on the loan temporarily --- or temporarily reduces the payment --- while you recover financially. Forbearance helps in the aftermath of a job loss, divorce or illness.
- 3). Discount the sale price of your home. Quickly sell the property before foreclosure with a mortgage short sale. Request permission from your home loan lender to list the home for a price that's below the balance on the home loan. A discounted sale price can help you find a buyer before it's too late.
- 4). Sign over the deed to your house. File a deed in lieu of foreclosure with your lender and voluntarily sign over the deed to your house. If approved, the lenders take back the property, which releases you from the mortgage loan. You then have 30 days to vacate the home.
