Avoiding foreclosure is not as easy as prioritizing bills as the current economic state makes it difficult for homeowners to keep up with their mortgage payments. Allowing your property to go into foreclosure is rarely the right decision. One of the biggest problems that mortgagees have in a financial reversal situation when facing default is not knowing who to talk to, but the good news is there are methods to stop foreclosure in the Houston area.

You can continue payments on a modified payment arrangement with the bank, or it would be advisable as well to seek the advice of your lender or investor on discussing a reinstatement plan where you can mutually decide a time frame within which you will make the total payment. Putting off a foreclosure is so difficult that even professional real estate investors find that delaying the foreclosure process to be frustrating. Communicate constantly with your loan officer in the bank so they can offer helpful advice and guide you through the right things to discuss. If the bank understands your situation because you communicated it to them they will gladly assist by giving you other alternatives to help you keep the property so you won’t simply walk away from your mortgage.

Conversely, if you did not communicate and work out an arrangement with the bank, your property may be up for auction sooner than you think. It is never a good idea to delay the sale on short notice so plan ahead so you can stop foreclosure in the Houston area well ahead of time. If you are working to short sale your home it will take much longer than that for negotiations and to gather the required foreclosure information. As long as you keep paying, no matter how partial it is, the bank’s loan officers will not be forced to file foreclosure.

A good way to put off your sheriff’s sale is to call your bank and let them know that you are putting together a short sale. By continuing to make partial payments, you buy yourself a month’s worth of valuable time. Extension of foreclosure may be granted by some banks upon getting partial payment, but there are also financial institutions that don’t allow this. If the bank won’t delay the foreclosure, refinancing your current loan can be an option if you have an accurate idea of how much equity you have in your home and you have good credit.

It would be a good idea to send a copy of the extension notice, if possible hand carry it, to the attorney handling the foreclosure process so you can guarantee yourself an extension. Make sure you call and confirm with the attorney’s office that the extension was received. Finally, confirm that your house has been removed from the auction list by calling the court house. Or you can do this by requesting a copy of the current auction list so you can check for yourself.

Those are the options available to you and the best thing to do is to learn all you can about these options and do what you feel is right for you in your situation to stop foreclosure in the Houston area. It is important that you understand that even with all these methods to save your home, there is no guarantee it will work every single time. Your best chances of success in keeping your home lies in having an open line of communication with your lender and the mortgage company so you can ask for an extension of foreclosure if deemed necessary.

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