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Foreclosure usually takes place when you have missed more than three months of your mortgage payments or when your mortgagor has issued a Notice of Default against you. If you get a foreclosure notice then don’t think that all is lost as there are many ways through which a foreclosure proceeding can be stopped.  Yuval Golan presents five strategies that may help you to stop foreclosure.

1. Mortgage Reinstatement: From the time you are issued a foreclosure notice till the date your house will be put on auction you may have plenty of time to work out a compromise with your lender. Yuval Golan suggests that with proper negotiation, the lender may allow you to pay your accrued mortgage payments and other charges instead of taking your home in foreclosure.
2. Short Sale: Here you may have an option to sell your house to a prospective buyer by forcing your lender to consider this option. If your house is foreclosed then the lender is going to resell the house anyhow. However if you convince them that a short sale offer will save their time and money from finding a new buyer in the market then the lender might consider your offer and stop foreclosure. Yuval Golan believes that in this way you will be able to keep some of the equity you have invested in your home.
3. Forbearance Agreement: You may insist your mortgagor to sign a forbearance agreement where they allow you to pay partial payments for your mortgage or permits you to make no payments for a specific time period till you get back on your tracks. Yuval Golan suggests that forbearance will grant you more time to arrange money in lump sum in the following months so as to make outright payments and stop foreclosure.
4. Bankruptcy: By filing for bankruptcy you might be able to stop foreclosure or delay it for a few months. Bankruptcy prevents mortgagors and debtors from seizing your assets, because of court’s automatic stay order. In this way the foreclosure process will be automatically postponed. Yuval Golan believes that bankruptcy will make you buy some extra time to recover from your financial crises or find a job so that you may be able to regain your financial strength. Yuval Golan also states that the law requires your creditors to work in good faith with you and devise a repayment plan to improve your financial position. In order to devise an effective strategy you need to seek assistance of a bankruptcy attorney.
5. Convince your lender to modify loan agreement: In this way the mortgagor will agree to change or modify the terms of the loan agreement by reducing your interest payments thus making it easy for you to arrange for the accrued mortgage payments.

As per Yuval Golan the above strategies might play an important role to stop foreclosure of your house.