When a homeowner finds out that he is behind on his mortgage payments and is facing foreclosure, he needs foreclosure help. The first place to look for help is the lender, if a homeowner has fallen behind on his payments, he may be able to work with his lender to find a repayment plan or perhaps even an extension of the foreclosure prevention period. But, this option usually only works if the homeowner can make his payments before the end of the foreclosure prevention period. If not, then the lender may have no choice but to proceed with the foreclosure process. Many homeowners do not know what the foreclosure prevention period is, which means they may not even realize that it is happening until it is too late. The biggest problem with this is that the longer the foreclosure prevention period goes on, the less chance there is of stopping the foreclosure.
Another source of foreclosure help is the mortgage assistance companies. There are many of these around, they are often referred to as "non-profit" foreclosure help services. However, this does not mean these lenders are non-profit; in fact most of them will charge their clients a fee for their services. Many of these companies are willing to work with the borrowers to help them save their home from foreclosure. They also have financial resources that can provide some of the funding necessary for mortgages for low-income homeowners, seniors and other borrowers who cannot otherwise qualify for conventional loans.
Some mortgage assistance companies also offer pre-foreclosure help. This is an area where most borrowers run into problems, because they either do not realize they are behind on their mortgage payments or do not have the means to prevent foreclosure on their home. But, the companies have resources available to help homeowners avoid foreclosure on their homes by helping them come up with a repayment plan and by allowing them to make their payments early, so that the bank does not have to start foreclosure proceedings. It is a good idea for anyone who is facing foreclosure to consult a mortgage assistance service to find out if there is any way to stop it, or at least get a head start on it.