That is a question that is unfortunately becoming all too common. The idea of facing foreclosure sends trembles into anyone who is currently in, or soon to be in foreclosure. Just the word itself is frightening. Much of that is due to the common misunderstanding of what that actual word foreclosure means, how the process works, and what potential remedies you have at your disposal, such as mortgage default assistance.

Foreclosure: fore?clo?sure (Origin: 1720'30)

A situation in which a homeowner is unable to make principal and/or interest payments on his or her mortgage, so the lender, be it a bank or building society, can seize and sell the property as stipulated in the terms of the mortgage contract. Source: investopedia

The key word in that definition is, ?can? seize and sell the property. It is on that word, ?can? that you must capitalize on. The foreclosure process is just that'a process. Contrary to what the letters you may have received from the collection department state, there are ways to protect yourself. However, you must absolutely know and understand the process. How long will the foreclosure process take? Will you have to leave your home? Will it be through the courts? Will you be legally liable for anything? If you don't stop the foreclosure, what will your tax liabilities be? What will this do to your credit scores, and for how long? Most importantly, how do you stop the foreclosure? You may be able to receive mortgage default assistance, but before trying to educate yourself on all these important questions, you should take certain and precise steps so that you're not taking too steep of gradient in trying to master this complicated matter.

The first thing you need to do immediately is to take a deep breath. Realize that you are not alone. There are currently millions of homes throughout our great nation that are in default of their mortgage or in foreclosure. Many of these homeowners have similarities to you. They too are hard working. They too suffered hardships. They too desperately do not want to either lose their home, or have a foreclosure on their credit report. However, it is an interesting phenomenon that some homeowners are able to resolve their situation, and yet others aren't. So what is the difference? Why are some homeowners able to survive the situation and get current on their mortgage default, while others end up losing their homes?

In order to stop a foreclosure or receive mortgage default assistance, you must first understand what led you there in the first place. It could be said that a foreclosure on your home is not the only thing that is closing in on you. Often times people facing a foreclosure are going through marital problems as well. Still others are not satisfied with their employment, which has led them to depression. If that's the case, use this as a time to heal. Problems in your personal life are no different than why you now find yourself in foreclosure. If you think about it, not communicating to your partner, not communicating to your employer and not communicating to your lender all have one common thread?Lack of communication. Finally, are you communicating to yourself? Have you taken the first step? You see, the first step is to confront the situation you are facing head on. Make the decision to fight for your survival. This is your home, so don't lose it!

Okay, you've taken the first step. You are now confronting the situation and have decided to stop the foreclosure. Next, if you are in a committed relationship, communicate effectively with your partner. Talk openly about the situation and that you may need mortgage default assistance. Find out what triggered this. Not the air conditioning unit going out, but rather what caused your finances to be so tight in the first place. Why are you living paycheck to paycheck? Go over your budget with a fine toothed comb. Look for any areas that you can spend less. Perhaps there is some many that is currently being spent on items that you don't necessarily need. Every dollar you can save, is another dollar you can put towards your ?mortgage default fund.? This fund that you create, will establish money that you can put toward your arrears to get your home out of foreclosure.

Decide that you are better than this and deserve more out of life. Make a decision that once you stop this foreclosure, you will not only get back on your feet but conquer your life. You will make more money. After all, a lack of money will surely cause problems in your personal life. Money can bring many things to your life, and reduced stress over your mortgage payments is one of them. There are many plans that your lender can offer you to help you out, but before your lender will attempt a work out plan to stop the foreclosure, they will want to know that you have a firm grip on your personal finances, which begs the question'do you? Most Americans are having a difficult time handling their financial affairs. This is due to many reasons, but often times leads back to not properly managing your funds. Of course there are things that happen in life that you have no control over, such as an unexpected transmission going out on your automobile. However, your budget should be set up in a way that you properly allocated ?emergency? money, so that most hardships can be covered without endangering your mortgage payment.

Now that you've done that and had this proper conversation with yourself and or your partner, look at this through your lender's eyes. Why are they foreclosing on you? Is it just the fact that you are late on your payments? Or is it due to the fact that you did not call them and explain your situation in a timely manner when you first got behind? Understand that once you are in foreclosure, your lender assumes that you cannot afford your mortgage payment. For that matter, they may also assume that you simply don't care. After all, they figure that if you could afford your mortgage payment, and if you cared about your home, then you would have contacted them to tell them so. Also, there may very well be a sheriff sale date at this point, and if that's the case, quite possibly expensive attorney fees. So ask yourself this'If you were your lender, would you give yourself a second chance? Would you offer mortgage default assistance to you? If so, why? Write down the reasons why you deserve assistance with your mortgage.

Once you have taken all these steps, you must know what your options are. There are various repayment plans that you may qualify for to stop the foreclosure. They range from loan modifications, which may put your arrears onto the back end of the loan or even stretch your loan out further and reduce your interest rate, to a forbearance agreement that could spread your arrears into many months or even a partial claim which is a program offered through HUD. Or you may qualify for a foreclosure bail out loan that could catch you up on your past due payments. But you would have to qualify for any loan program of course, and that would most certainly require either the right amount of equity, good credit scores or both. Once you know what programs you are going for, then it is time for you to negotiate with your lender. To receive mortgage default assistance with your loan, you can either do it all by yourself, or you can contact a professional consulting firm to that knows how to implement the package and has experience in working with all the parties involved. However, you must act quick! Time is not on your side. To stop the foreclosure, you must take action right now. You can do this but remember the first and most vital step. You must confront the situation!