With the economy in collapse, unemployment rates high, and consumer debt at high levels, many homeowners are facing the threat of foreclosure on their homes Perhaps you are now in a comparable situation, whether its the result of a job loss, an illness or injury of a family member, surprising expenses to repair your home or car, or a different financial hardship. If this is the case, it is possible to stop foreclosure now if you take quick action.

There are various ways to help stop foreclosure now. One such advance is known as a patience agreement. This is a quick-term arrangement with the loaner in which the homeowner pays part of the arrearage right away and the balance of it over several months. This type of arrangement is offensive to most borrowers, since the make-up payments are in addition to a previously high mortgage payment each month.

Other alternatives include obtaining a small refinance loan, selling your home with a short sale, executing a deed in lieu of foreclosure, or getting a loan modification of the accessible mortgage. At best, it can be a very time intense process of submitting documentation, reviewing and signing new loan documents, and nursing the absolute transaction through escrow.

For more tips on getting a loan modification visit Stop Foreclosure