Foreclosure involves a lawsuit in which a bank, mortgage company, or other creditor seeks to take an owner's property to satisfy a debt. The bank or lender may actually take the property, or have the property sold to pay off the debt. As a result of the foreclosure, the owner loses whatever rights he or she had in the property.

You have several options to stop and prevent foreclosure. Some cost money and some are free. 

1. Foreclosure Mediation - Probably the most popular and common with people who can't pay all the past due mortgage payments at once. This service negotiates with the lender to move those payments to the back of the loan (pending you have the proven income to make the current payments). It is essentially like getting a grace period. 

2. Negotiate a Repayment Structure Yourself - This is definitely the cheapest way, but can be frustrating if your lender doesn't have a helpful "loss mitigation department" or a "hardship" program. 

3. Deed in lieu of foreclosure - This is where you realize that you can't pay for the house and you voluntarily give the house back to the lender. This still is subject to a deficiency judgment yet counts as a "less serious" foreclosure on your credit.

4. Sell your house - This is a great way if you feel you can get what you owe out of your house. Remember to include the standard 6% realtor fees when calculating your take home. You can negotiate the buyer to pay some of the realtor fees, but it is rare.

Coastal can do the legwork for you and help you save time, money and your home. Most of our services are FREE and you are under no obligation to accept offers that are suggested to you. Our network of Foreclosure Prevention agencies consist of some of the most reputable names in the industry.

Call our Credit Advisors right now at 866-205-8370 or fill out the short form.