First and foremost be careful when you pick a company to bail you out of foreclosure. Make sure the company you're talking to can guarantee to stop foreclosure. Many companies out there will have you pay three or four grand upfront and have you deed over 100% ownership to them. It's crazy how many people actually do it. Just be careful, keep a look out for the scammers that will take your money and run.
There's really not that many ways to stop foreclosure. You can pause foreclosure through some legal paper pushing but the only way to stop foreclosure permanently is to pay the lender. Whether it's half of the money or most of it, but I guarantee you that if you're at the brink of foreclosure and you don't have at least half of the money to pay off what you owe in arrears, then it's bye bye house and bye bye credit.
If you have mortgage lates on your credit you can still refinance or buy a house easily in a year. Most mortgage lenders only look at the most recent 12 months of credit history but 7 years of public records when considering your application. So you can get behind even if you're about to foreclose and be ok a year later, but if they actually kick you out and sell your house good luck in the next seven years.
ForeclosurePause.com is a great company to buy you time. They have a system that's outside the box and works fast. So if you need some time to figure things out I'd definitely give them a call.
