One way to stop foreclosure in this time if crisis is to request a forbearance agreement from your lender. This is an agreement made between the mortgage lender and the borrower that has become delinquent on their monthly mortgage payments. A forbearance agreement is a temporary workout plan provided by the lender to help the homeowner bring their account current once again.

The forbearance plan is not a permanent solution for borrowers who have fallen behind on their payments. It was made for homeowners who need temporary assistance with their financial situation due to unpredicted events that have taken place in the homeowners life. 

Usually this period of time is anywhere from 3 months to an entire year. Payments required for this plan will typically be much less than the homeowners normal monthly payment and sometimes the lender will offer postpone the monthly payments until the forbearance period is over, depending on which suites your financial situation best.

The reality is that lenders do not want to foreclose on your home due to the time and amount of money it will cost them to do so. To do your part you must be the one to first contact the lender for assistance and explain to them what has caused you to temporarily fall behind on your mortgage payments. This way your lender can help you find the best workout solution that will better your financial struggles.

Remember that a forbearance agreement will only solve your financial difficulties temporarily. If you are in need of long term assistance due to a substantial decrease in income or maybe your adjustable rate loan has adjusted higher, you may want to request a loan modification for a permanent solution.

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Moe Bedard
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My name is Maurice "Moe" Bedard. I am the founder of America's #1 Mortgage Forum, My online work has been featured in the New York Times, LA Times, Fox Business, and many other media publications. I currently live in Carlsbad, California with my beautiful wife and children.

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