Is It Possible To Avoid Foreclosure?

Yes, it is possible to avoid foreclosure but the easiest way still remains by simply paying your mortgage when due. Reviewed and improved government and financial policies are also increasing the possibility for homeowners to save their homes and prevent foreclosures.
Typically, a mortgagee or lender will file a Notice Of Default (NOD) after 2 or 3 missed payments. Even after receiving the notice, at this stage it is still very possible to stop the process of foreclosure.
Bankruptcy
Some people consider declaring bankruptcy as a means of avoiding foreclose. Suing for bankruptcy only stops the process temporary, and gives more time for other feasible options to be put in place, nevertheless sooner or later the motgage holder will be back.
Sell The Property
The option of selling the house yourself is also available. It is possible that the value of the house have appreciated since it was purchased. The proceeds from the sale can the be used to pay off the lender. In cases where the value of the house is less than the debt, a short sale is agreed where the homeowner authorizes the lender to sell the home for less than the mortgage amount.
Foreclosure Workout
You can contact your lender to find out if any options are available for preventing foreclosure. Most lenders are actually happy to help contrary to popular belief that they just enjoy depriving people of their homes.
Loan Modification
However, when for one reason or another it becomes impossible to meet up with your mortgage payments, the best thing to do before the situation worsens is to seek try to modify the loan with the lender. There are loan modification companies that can provide loan modification attorneys for you. These lawyers can help you better analyze the situation and provide more comfortable options. Firms like Loan Modification Depot are specialised in handling issues like that.