When you have received notice that your home is about to go into foreclosure, there is no time to waste. Even at this stage there are ways to stop foreclosure fast. Here are five of them.

When you get this notice, you may feel fear or panic that you are on the brink of losing your home to foreclosure. You have to put these feelings aside and take immediate action because you won’t have a lot of time to try to stop the foreclosure.

Time is limited so this is what you should do.

1. Contact your mortgage holder and arrange a face to face meeting with someone who has authority to make decisions. Don’t discuss anything on the phone. When you have your meeting, be prepared to supply facts and figures to the loan officer. They will want to know if you are employed or not, how much you make, assets, and current expenses.

The lender should at least be willing to discuss options with you. If you are able to show that you have at least some resources at your disposal, you could qualify for a modified loan. Options could include an interest only loan for a set period of time, an extension on the term of your mortgage, or a reduction in the interest rate. The goal of these or other alternatives is to lower your payments so they are affordable for you.

2. If there is any equity in your home, you could possibly exchange this equity to clear up enough cash to bring your mortgage out of arrears. At the same time, it will be important to setup a new mortgage with terms that will make your payments within your means.

3. You might qualify for a one-time payment from the FHA Insurance fund in order to pay off any arrears. In order to qualify, you must be between 4 and 12 months delinquent on payments. But you must be able to show that your current financial situation will allow you to resume making regular payments on time.

This fund is for those who may have fallen behind due to a temporary situation, are now able to make current payments but can’t afford to pay off arrears.

4. Get help from government agencies. There are many people who are dealing with foreclosure. The government recognizes the problem and has setup several programs to help.

A couple of the more recent programs are the Obama Mortgage Modification Program and a program called Project Lifeline. Some government programs deal with the short term while others offer a longer term fix. You can also contact HUD for assistance.

5. A last resort kind of strategy may be to file suit against your creditors in court. There is such a huge backlog of cases waiting to be heard that this will give you some extra time to at least get your finances in order. An extreme measure like this should not be taken lightly. You should in fact, meet with an attorney who deals with foreclosure and other real estate transactions, before you actually file.

If you want to stop foreclosure fast, you need to take action right away. Don’t put it off and hope foreclosure won’t happen, because it will and then it will be too late to act.

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