There are many things that you should take into consideration for you to be able to steer clear of foreclosure. If you're really serious about stopping foreclosure sale, there are various options that are at hand. These options are necessary to help you save your house from foreclosure and also keep your credit rating undamaged.

What are these options? See the list below.

Option #1. Mortgage modification.
Mortgage modification is defined as an alternative to prevent foreclosure that is specifically designed to help those borrowers who are in the middle of financial stringency. Because their income is not enough to make up for the payment, the modified mortgage offers a great solution to help them pull through.

Option #2. Special forbearance.
Special forbearance refers to the written note that states the repayment agreed upon by the mortgagee and the mortgagor. This agreement involves a plan to restore an asset which is at least three payments due and unsubsidized.

It is of the essence that you contact the bank or the lending institution to give an explanation regarding your financial difficulty. By doing this, the lending firm can make a repayment agreement in accordance with the the client's financial situation and may also temporarily delay the mortgage payments.

The special forbearance agreement can be granted to the owner who is occupying a house. Also this can be granted if the mortgagee has already an experience in income reduction or if he or she is capable of fulfilling the payments covered by the terms and conditions of the forbearance agreement.

Option #3. Pre-foreclosure Sale.
This option enables you to sell your house and make up for the payment of your mortgage loan to prevent the foreclosure process. In this way, you are also able to keep your your credit ratings unharmed. Usually the basic requirement for this option are the following:

- the loan should be at least 2 months overdue prior to the period of closing.
- the mortgagee must be occupying the property
- the mortgagee should be incapable of bringing the debt current
- the foreclosure should be unavoidable

Option #4. Partial Claim.
When you say partial claim it means that the HUD will pay your lender the total amount that is needed to bring your debt current. You can be granted with partial claim if your loan is at least four months due. But keep in mind that it should not be overdue of more than twelve months. Other conditions are you should be capable for fulfilling full mortgage payments and your mortgage is not in the stage of foreclosure.

Option #5. Deed-In-Lieu Of Foreclosure
This option is considered to be the last resort when stopping foreclosure. In this option, the mortgagee can return the property to the lender. This option does not guarantee you that you'll be able to keep your house. But it can help you save your credit ratings from being impaired.

All in all, these options are available to solve your problems with regard to foreclosure. It depends on you which option you go for.

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