Every once and a while lawyers find little loopholes that are in favor of the little guy.

What has happened quite a bit in the past 5 years is mortgages have been sold over and over, resulting in misplaced or lost paperwork. Some customers asking for FORECLOSURE HELP were declined and the banks proceeded with the foreclosure.

One tip to try and STOP FORECLOSURE or at least prolong it is go to court and ask the lender to produce the original documents you signed.

I understand that approx. 50% of the time they can't and the judge has to stop foreclosure. This might give you leverage to renegotiate terms. It may not always work, but it's worth a shot if you want the house with better terms.

It makes sense, the way institutions were reselling loan packages these past years and chopping them up, paperwork could easily be mishandled.

This doesn't mean your off the hook, it means they have to stop foreclosure for the moment. Also, you have there attention and they might think you know what you are doing, you have a window to negotiate.

Don't be afraid in the negotiation process to ask for debt forgiveness, the worse they can say is NO.They might say YES.

Foreclosure help or stopping foreclosure could also come from a chapter 13 bankruptcy. This is where the court takes over and stops the foreclosure process. This gives you time to reevaluate your situation and review your options.

FacIng a Bank Foreclosure or short sale doesn't always take you off the hook for the debt not covered by the sale of the home by the bank,

If theForeclosure sale doesn't cover your outstanding loan the bank will charge-off this amount, but it is collectible in the future. If you are not pursuing some legal court protection (mainly chapter 7 or 13) be aware this can hang over your head in the future.

Usually back real estate taxes and Hoa dues go with the house in foreclosure so these taxes and dues should be paid by new owner, but it's best to consult with a lawyer.