If they did it, so can you. You CAN stop your foreclosure but since there is no one perfect way, reading about how others do it may help you with your own foreclosure. Share what you know. Share how you did it. Pay it forward!

You with Countrywide, Citi Mortgage, Chase, Option One, GMAC or another? Want to offer feedback on how your company is helping with the process?

The first thing you have to prove is that you have found a solution to your financial hardship and can prove it. If you are about to receive money and that money will allow you to bring the note current, you can get a loan reinstatement plan from the lender.

Say your home is worth $400,000 on today’s market but your loan amount is $450,000. Say you get an offer for $350,000? The lender may forgive the difference. This is known as a short sale.

Bait and switch is one of the methods used by predatory lenders. The loan officer sells you a loan over the phone and you haven’t signed anything yet but agree to the terms. You go ahead and start all the rest of the process, which takes time. You stop looking elsewhere for a loan. Valuable hours have been wasted when you find out that the terms are now different and worse. Sometimes it’s just a little sometimes a great deal. You sign off on the deal but you know you we're not wrong with your orginal understanding. The loan officer tries to convince you that you didn't understand or possibly did understand but remembered it different. What's a point or two? A lot.

Otherwise known as a “DIL” cannot be used by people who can afford their mortgage. It is a way to dispose of a property by the mortgage holder as an exchange from the obligations of the money owed on the loan. Instead of the lender foreclosing, this is a way to just give up but DIL’s are usually only an option if it is in the banks favor.

Real Estate that is currently under foreclosure proceedings or may be facing foreclosure because it is not bringing enough money to the lender to satisfy the mortgage obligation.

Simply stated, “elder abuse” is taking advantage of the elderly. Most of our senior citizens have problems understand complex issues and shady lenders take advantage of this fact. Seniors usually have a good amount of money set aside as far as either money in the bank or equity in the home. These unscrupulous lenders convince them to take a loan out that they do not need or possibly with terms that can lead them to lose their equity or their savings, usually with a commission to the seller far exceeding the normal rate.

Used with rental properties. It is a debt instrument where nearly all the cash that comes in from the rental home is paid directly to the lender and this is without an interest rate. This is important if the lender is facing foreclosing on the property and you typically see this more with commercial office buildings however it is also used with other rental properties.

There is General Forbearance and Special Forbearance (for FHA and VA loans). Forbearance by definition means to hold back enforcing something, typically an action. Lenders may allow you to suspend payments for a short period of time while you seek out other options to your situation. Of course, the forbearance is based on bringing your loan current.

A foreclosure bailout is a loan. Its purpose is to replace your current loan (everything including balance, back payments and fees). Because the new lender has paid off the old lender the foreclosure is stopped.

This is why you are here because mortgage modifications, also known as loan modifications are the permanent change in one or more substantial terms of your loan. It will allow the loan to be reinstated.

Partial Claims are used on FHA and VA loans. This option is used where the mortgagee will advance funds on behalf of a mortgagor in an amount necessary to reinstate a delinquent loan (not to exceed the equivalent of 12 months PITI).

Knowing when to lie down sometimes is the wisest of all. Your lender knows this and if you agree to dispose of the property, your lender will typically agree to give you a specific time to find a purchaser and pay off the total amount owed.

Predatory lending is a common phrase but is not a legal term. It describes the practices used by some lenders to specifically target certain races or the less educated, elderly and even certain geographic areas. These lenders usually charge high interest rates, abusive or unfair lending practices, and marginal legal terms.

Recasting is the term used for the process of adjusting the loan arrangement.

A repayment plan is a new plan outlined for you to repay the loan on your home. It includes provisions for all the missed payments and fees including the fees associated with foreclosure.

A work out agreement is the lender and the borrower agree to work together to reduce the outstanding lean principal and extend the maturity date of the loan. A work out agreement is usually used where there is a potential to make money on the property in the future by allowing the current owner to retain the property and both share in the income of the property. You usually see work out agreements on hotel or rental properties.

It was created because various companies associated with the buying and selling of real estate, such as lenders, realtors, construction companies and title insurance companies were often engaging in providing undisclosed kickbacks to each other, inflating the costs of real estate transactions and obscuring price competition by facilitating bait-and-switch tactics.

The Truth in Lending Act (TILA) of 1968 is a United States federal law designed to protect consumers in credit transactions, by requiring clear disclosure of key terms of the lending arrangement and all costs. The statute is contained in Title I of the Consumer Credit Protection Act, as amended (15 U.S.C. § 1601 et seq.). The regulations implementing the statute, which are known as "Regulation Z", are codified at 12 CFR Part 226. Most of the specific requirements imposed by TILA are found in Regulation Z, so a reference to the requirements of TILA usually refers to the requirements contained in Regulation Z, as well as the statute itself.