This article would let you choose and implement the method to get you out of the foreclosure problem by either stopping it and living in your house or by getting out of the foreclosure problem while still retaining your financial stability. A number of options are available to choose from in the pursuit to escape the hard times.

Start saving as soon as possible once the problem that caused the instability is solved. Come to current mortgage at the earliest by paying all dues due to missed payments, interests, various fees like that of attorney etc. Failure to meet the current mortgage soon would see the dues increasing once the lender hires a lawyer. The lawyer can discover thousands of extra payments to be made.

Restructure the payment plan with the lender such that you can pay a part of due payment now and the rest can be paid over a specified period of time while you still continue paying the monthly installment. The loss mitigation department of the lender reworks the plan generally and the victim might have to pay anything up to double the original mortgage per month. Such payment would help catch up with the missed payments in the same months as those due till then.

The mortgage or loan can be modified in discussion with the lender such that the missed payments can be adjusted to be distributed over the remaining loan life or can be considered at the loan's back end. This is difficult, as most lenders cannot modify it as they do not own the loan but are just collecting the money and servicing loans.

Look for a source for refinancing foreclosure loans. But apply for the same only if you have high income and large equity as the interest rates for such loans is over 10%. The new lender -traditional or hard money one would charge high monthly payments and might be difficult to meet but ensures the homeowner starts afresh.

Partial claim: Applicable for those homeowners who have FHA loan. They should contact FHA for a one-time loan to catch back on mortgage. The loan lives as a lien and if the property is sold or refinanced, the amount needs to be paid back to the FHA.

Renting back the house after selling to some private investor or a family member/friend. The foreclosed loan is cleared off and new loan can be received under the investor's credit while allowing the owner to stay in his house. The investor can short sell the property as well to make quick profit.

Bankruptcy declaration can ensure stopping foreclosure but even being bankrupt is an expensive practice due to the costs involved of attorney, trustee, court etc. This is a viable option for those who want to retain their house desperately and can afford some disposable income to be bankrupt.

If you owe more than your property's worth. short sales are worth consideration. Short sale frees you from the loan though the bank gets less than what you owed to the bank. In this practice, they are compensating the balance due amount themselves and lets you free.

You can choose to improve your credit scene by selling the house yourself by hiring some broker. Find a willing buyer, vacant the house, stop foreclosure and if luck and planning helps, busy a new affordable house in some years.

On failure to find a valid solution from among the previously listed methods, the bank can be offered a deed instead of the foreclosure. According to the deed, to avoid eviction process, the owner offers the property by himself to the bank. The bank will accept the payment in lieu of the loan and cannot ask for more money from the debtor as they are accepting the deed according to their satisfaction.

Last resort, forget you ever had any property. Walk out of the house and be prepared to put up with the hardship instead of running around lenders and banks for loans. But is you can try any of the above mentioned methods, nothing is better than holding on to your property.

A few other options exist as well like legal case against the bank, or complaints to agencies for regulation acts but the cost is very high and the foreclosure might be delayed but would still take place. Information about such methods can be collected online. Based on the home owner's situation, a combination of these methods can also be used after rounds of review.