Financial hardship can affect anyone at any time, and when it’s severe enough to force someone behind on their mortgage payments, it might be time to seek financial help while you wait for your situation to change. No one wants to face a foreclosure notice, however, even people who work multiple jobs can often fall short on their monthly payments when faced with unexpected medical bills or other emergencies. That has happened to you, you may need financial help to stop foreclosure.

Seek help before it’s too late

If you believe you are in danger of falling behind on your mortgage payments, you should seek financial help to stop foreclosure immediately by contacting a lender and explaining the circumstances surrounding your need for help. A qualified lender will be able to advise you on the best way to prevent your mortgage holder from foreclosure and also provide you with a provisional loan so that he can continue making payments on his house until your financial crisis has passed. It’s important to keep a foreclosure off your credit history if possible, or you may not be able to get home loans in the future.

By receiving financial help to stop foreclosure before your mortgage problems become too serious, you have the best chance of keeping your credit and home clean.

stay honest

It is very important that you open up completely with your potential lenders, as they determine the factors that are contributing to your not keeping up with your mortgage payments, and if they find out that you are a good risk, they can do more than just offer you financial help to stop foreclosure. They may be able to lower your monthly house payments. They may even be able to get you a grace period during which you are exempt from having to make your payments.

Lenders are always reluctant to initiate foreclosure proceedings, due to the associated costs. Bridge loan lenders know this, so they will do everything they can to work with a homeowner who is negotiating in good faith. If they can’t really help you financially to stop foreclosure, they can help you limit your losses and help you avoid being intimidated by the foreclosure process.

But you must take responsibility for your own part in the effort to avoid foreclosure. Be able to explain your financial situation clearly and honestly, and keep a written record of all your communications. If you are successful in your efforts to obtain a bridge loan and financial help to stop foreclosure, you will not only keep your home, but you will keep your credit history intact and may qualify for future mortgages.