With the economy in recession, record numbers of people out of work, and consumer debt at unsustainable levels, many homeowners are faced with the threat of foreclosure on their homes Perhaps you are now in a similar situation, whether its the result of a job loss, an illness or injury of a family member, unexpected expenses to repair your home or car, or another financial hardship. If this is the case, you can stop foreclosure now if you take quick action.

This means that once you are told by your lender that your payments are delinquent you need to correspond in a timely manner The sooner that you deal with this problem with your lender, the better the odds are that they will be inclined to work with you.

There are a number of ways that can help stop foreclosure now. One is called a forbearance agreement, a short-term repayment plan with the homeowner agreeing to pay part of the arrears immediately and then paying the rest over a period of several months This type of arrangement is unacceptable to most homeowners, since the make-up payments are on top of an already high mortgage payment each month.

Other options include taking out a short refinance loan, selling your home with a short sale, executing a deed in lieu of foreclosure, or qualifying for a loan modification of the existing mortgage

Homeowners who wish to stay in their home most often find that a loan modification is their most favorable option. This is a permanent change in the terms of your loan whereby the lender may either reduce the interest rate on the loan, or they may extend the amortization period so that the monthly payments are reduced to a more affordable level

Loan modifications have become a very popular method to stop foreclosure now. Unfortunately, many banks are backlogged with delinquent accounts, and thus they are especially slow to deal with. Many borrowers have tried, and failed, to negotiate a loan modification agreement with their lenders. They frequently are transferred from one low-level employee to another, giving them a feeling of getting the runaround. These people are trained to tell you to send money right away, but they typically don't have the authority to change any of the terms of your loan. Even if you manage to speak to someone in authority, and successfully negotiate a loan modification agreement, it will still be a time consuming process. You will have considerable documentation to submit, review, sign, and notarize new loan documents, and carefully oversee the entire transaction through escrow.

Not everyone has the time or temperament to successfully negotiate a loan modification agreement. You may wish to consider using the services of a professional loan modification expert. Experienced professionals can not only take a lot of the load off your shoulders by attending to all the details, and save you time, but they have the expertise to negotiate the most favorable possible agreement with your mortgage lender. This may very well result in you saving thousands of dollars over the remaining life of your loan.