148,900 New Listings - September 2010 - Last update September 8, 2010 6:04 PM EST 
Is a Foreclosure Worth Stopping?
No one wants to go through a foreclosure and loose their home. It is a situation that is embarrassing and can be very stressful. It is also frustrated and unpleasant. But sometimes stopping a foreclosure is not the best thing to do, here’s why;
1. A foreclosure is very common. Most mortgage companies have so many coming in on a weekly basis. They have to decide whether to process it or save it and it sometimes confuses their processing system. The lenders also have to make sure that their balance sheet and accounting matches up so when another foreclosure comes its another log added to the fire.
2. You are open to the scams. Many people seek vulnerable people who are in desperate need to stop a foreclosure. They offer them options to stop the foreclosure, by charging them a fee to help them. This is just a way the scams gain control and make additional money.
3. It is a of pressure and strain on you. You may have to still pay additional money owed on your loan to stop the process. If the mortgage company or courts has paid any money to stop the foreclosure, you will have to pay that money back within a certain time frame. So it may be best to just let the home go and start over at another time in your life.
4. A foreclosure is not an easy method, to endure. It will put a bad mark on your credit and cause you strain and pressure. It opens you to scams that will persistently call you about offering a way out. The debtors and collection agencies will also call you to solicit a payment owed.
So my advice to you is to think it out clearly and do not make any rash decisions. Look for other opportunities to maintain your home and live in peace without the added struggle that is already there in the trials of life.
You can contact your mortgage company and inquire about a “loan modification” , but this method will require the following;
1. An increase in interest rate and principal amount.
2. The length of your loan will be extended another 2-3 years which will take even longer to pay it off.
3. You will be actually taking out a new loan which is more money to pay back.
4. They can give you a fixed rate which will not be changed.
5. Late fees can also be assessed on the loan modification process.
If you allow the foreclosure to take place, there will be a mark on your credit but after about 2 years you can still be eligible to purchase another home. Most fees and fines are waived by the mortgage companies when processing a foreclosed. You may be doing yourself and family a favor by getting from under such debt because the financial institutions will continue to charge you interest every month if you have any money owed.
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It opens you to scams that will persistently call you about offering a way out. The debtors and collection agencies will also call you to solicit a payment owed.
[...] through this troubling time is a home loan modification. This has been extremely important with stopping foreclosures. If you can find a way to get a lower mortgage rate then you are going to pay much less in a [...]