The foreclosure crisis will not end soon and the government is not able to intervene fast enough to help bail out the struggling homeowners in America. How to Stop Foreclosure Now is what each homeowner is looking for. Each day on the phone I hear story after story of job loss and 5 year ARM mortgage products that are have become due and spiked monthly mortgage payments through the roof. Thus making the American dream of home ownership not affordable but many are losing the battle and need a foreclosure stop plan.  As a loss mitigation specialist I feel more like a loss mitigation evangelist in that I want to get the good word out that foreclosure can be stopped in many cases. The fact is lenders are not in the business of owning Real Estate that is not their business model. They make their money on interest accrued over the life of the loan. This works to your advantage in negotiating for better terms.  If you've already received a N.O.D. ,which is a notice of default, their is still time in most states to delay the sale of your home or do what is called a "Workout" with the lender. The "workout" can take on many different forms. One you could get a restructuring of your loan where the payment could be more affordable where they may tack the interest on the back end of the load. They may even adjust the rate down, remove the 2nd mortgage or take a short sale. A short sale is an offer to the bank to take a lesser amount than is owed on the property. It is a transaction between your lender and an outside buyer. It is best to let a professional real estate broker handle this for liability reasons but be careful. Many realtors may have some knowledge of the short sale process but it will take a go getter type full-time agent to push the bank towards the short sale. Some lenders are set up with extra staff to make the process go smoothly but this is the exception. The foreclosure stop process is available but you have to be aggressive and not delay. Another reason why the lenders are motivated is that by 2009 of half of all homes in the U.S. will be owned by mortgage companies. They don't want or need any more properties on their books. This will work to your advantage but you must first contact the loss mitigation department at your mortgage company. Ask them if they would be willing to work something out with you? Most of the time the answer will be yes and you'll just need to jump through some hoops, so to speak, and get the proper documentation into them so they can process things forward. Worst case you many lose your home but you can often get more time in your home so long as you are in contact with the lender.

As I mentioned in article  there is a way to put a Stop Foreclosure Now on the legal process of the lender taking back your property. I mentioned that you'd need to contact the loss mitigation department of your lender. Have you don't that yet? Great, then you probably were directed toward getting them some documentation. To get the Foreclosure stop process moving the lender usually needs a "hardship letter" to start with. This is a simple and short letter that sums up your situation regarding being in default on your loan. They mainly need this document for their file so don't spend too much time pouring out all the parts of your story. Also, they'll need some statements from your bank and financial accounts you have to access your situation. Ideally you'll want to bring a sales contract from a possible buyer and include it with these documents which will buy you time and may even get the home sold so you can save your credit.  America runs on credit so preserving your credit is important for the future. Having a foreclosure on your credit report will hurt your score and keep you from getting a home loan for several years to come until you are able to repair your credit over time. However, a bankruptcy is worse than a foreclosure according to the lender I've spoken with so avoid bankruptcy by all means. If you hired a realtor to sell your home in a short sale this should not cost you anything. As a realtor, I do get paid for getting your home sold and negotiating with the bank, but it is the lender who pays the sales commission not you the seller. That is important new that many struggling homeowners who need a foreclosure stoppage...just don't know. Don't quit stay in good communication with your lender and open all that unwanted mail each day(not the junk) so you can be kept up with the legal communication that is being sent out to you.