You do not have to panic if you are being threatened with foreclosure for defaulting on your mortgage payments.
Professional help is available that does not involve you taking up more loans.
If you have been defaulting on your mortgage payments you have been threatened with foreclosure.
Now you are looking for the best way on how to stop a foreclosure on your own home.
Fortunately there are workable solutions which do not require you to take further loans.
If you experiencing real financial problems and are lost as to what you can do, read the paragraphs that follow.
You are interested in what is called mortgage loan modification.
This is a change in your previously agreed upon loan conditions and replacing them with a set of new conditions that you can manage.
Loan modification is designed to keep you in your home and allow you to regain financial stability.
You will not be taking up a new loan, just slight changes to the one that you have to make the payments ones that you can afford.
To be able to qualify for an adjustment to your loan payments you should at least be getting some from of reasonable income or have a plan in place of how you are going to raise an income.
This is one way on how to stop a foreclosure on your own home and not incur further debts.
The loan conditions are adjusted in such a manner that your payment becomes one that you can afford.
The lender can either agree to lower the interest rate; extend the loan payment period or both.
It would be advisable to get the help of a loan modification expert to speed up the process and make approval of your application more likely.
There are companies that deal specifically with managing loan modifications; they will be able to negotiate terms that benefit you and learn about how to stop a foreclosure on your own home.
Look for the ones considered to be the best.