Negotiate with your mortgage lender
Many banks are willing to work with homeowners who are struggling to make payments. If you have not missed a payment yet, you may be able to renegotiate the terms of your loan. Lenders often prefer to modify a loan rather than foreclose on a home.
Explore government assistance programs
Federal programs exist to help homeowners avoid foreclosure. Eligibility requirements apply.
- Loan modification programs, which change the terms of your existing loan to reduce the monthly payment.
- Refinance programs, which can move an adjustable-rate mortgage into a lower fixed-rate loan.
Sell your home to a cash buyer
If you are unable to keep up with your mortgage payments, you could consider selling your home to a cash buyer. That lets you avoid foreclosure and move on with your life.
Seek help from a foreclosure defense attorney
An experienced foreclosure defense attorney can help you navigate the legal process and explore all available options, including negotiating with your lender and representing you in court.
Take advantage of foreclosure prevention services
HUD-approved housing counseling agencies offer foreclosure prevention counseling and financial education at no cost to homeowners.
Moving quickly matters when you are facing foreclosure. Do not abandon your home, as that can badly damage your credit and your financial future. With the right help, and by exploring every option, you can often avoid foreclosure.