The main reason why so many are faced with losing their home is because they simply waited too long to respond to a foreclosure notice or not responded at all.
Yet if these people had taken time out they would have found that there are many ways to stop home foreclosure which would have meant their home would have been saved.
If you find yourself faced with receiving a foreclosure notice there are plenty of ways that you can stop the situation going any further.
The options available to homeowners today to stop foreclosure on their home is modifying the existing mortgage, go for short pay or short refinancing, arrange a repayment plan or a deed in lieu of foreclosure.
These are all relatively simple do, but it does mean you talking to the lender as soon as you find yourself faced with financial problems.
Certainly in a great many cases you may be able to prevent foreclosure by using the short pay or short refinance method.
This is where you will refinance the property that is currently facing foreclosure.
So if for example you happen to owe $100,000 on your home plus $15,000 in arrears and legal fees you may be able to arrange with the mortgage company to settle it for $80,000 and then take a new loan out for $85,000 which will help to cover you paying off the original lender and any fees associated with this transaction.
You have actually now managed to cancel the original debt, reduced it by $30,000 and also prevented yourself from losing your home.