Foreclosure can be one of the most harrowing experiences a household may face.
Fortunately, until such time as the sheriff is sent out to remove you from their home--a long way out, in most cases--it's almost never too late to stop a foreclosure from happening.
So, can you stop foreclosure? of course you can! The following--selling or short-selling your home--is just one pair of the many options available to you.
One of the most clear-cut ways to get out of foreclosure is to sell your home before they take it out from under you.
With this method, you may not be able to remain in your home, but you can certainly downsize to a smaller residence, especially when you pocket any profits from the sale instead of your lender.
If, however, your home is worth less than you owe on it then another option might suit you better--to short-sell your home.
Also called a "pre-foreclosure redeemed", with a short sale your agent tries to negotiate an agreement with your lender to accept a smaller amount than the total due.
While a lender may or may not agree to a short sale, it is often to their advantage, especially in today's economy when lenders are amassing foreclosed properties faster than they can unload them.
A downside to short selling your home is that it negatively affects your credit, however not nearly as direly as a foreclosure.
In conclusion--can you stop foreclosure? - Of course you can! You just need to take the bull by the horns and act swiftly and decisively before your lender has time to complete any action taken against you.