So you finally purchased the house of your dreams, probably during the big real estate boom that was blowing up a few years ago, only to find out that the bank is demanding more money from you, or the rest of your creditors have greatly increased your interest rates, or forcing you to pay off the outstanding balance in full. If you have come to find yourself in this position, don’t feel like you are alone.

There are millions of American’s who are in the exact same position as yourself, and have also been down the road you have taken, receiving a large loan to pay for a house that they had thought was finally able to become a reality for them, only to realize that the mortgage contract they signed allowed the banks to raise their payments monthly, sometimes by almost 300%!

Now you find yourself close to foreclosure. Well, rest assured there are a few different ways on how to stop home foreclosure, but you are going to have to buckle down and call your lender. By calling them, you are going to be letting them know that you are having issues making your payments. This is going to be your first and best bet in stopping a foreclosure. The next is to explain to them in great detail what is going on with your financial status. This alone isn’t going to get the banks to give you any help, but you are going to get them to understand that you really can’t pay for this house.

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One of the most common questions I get asked as a credit consultant is; How can a short sale be performed without having to damage your credit? The answer is actually quite simple. Always try to prevent the damage to your report prior to the negative item(s) being placed on your report. One false rumor is that in order to qualify for a short sale you need to be late on your mortgage. I will be happy to explain why this rumor is false in another article, the main thing to understand here is that a short sale is a form of loss mitigation.

You are actually helping to minimize the damage your bank is going to suffer by dealing with this situation head on versus living in the home for 6-12 months with no payment and waiting for a foreclosure. The decision you need to have communicated to your bank is would they rather work with you, or against you.

When my firm is retained to help you keep your good credit intact while preventing damage on your credit report, we always like to start early. It takes much more time to clean up a damaged report, then to keep a clean report from being damaged, Although we have been successful in negotiating with Banks into removing short sale delinquencies after the fact, we like to send a certified letter to the bank that attempts to help our clients form an allegiance with the bank. By showing the benefits and cost savings the bank will receive simply by deciding to work with us instead of against us, we can now decide the best strategy to move forward with.

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