The first thing you need to do is act quickly.  If you have already received a foreclosure notice from an attorney, time is likely running out.  There are several ways to get a foreclosure sale postponed or canceled. 
 
·        Ask the bank to postpone the foreclosure sale – you’d be surprised what you can accomplish by just getting on the phone with your bank.
·        Bring the loan current – if you have the necessary money available.
·        Work with the bank to set up a modification or forbearance agreement that lowers your monthly payment and allows you to stay in the home.
·        Sell the house before the foreclosure sale date (if you don’t have any equity in the house, you may have to do a short sale).
·        Convince the bank to accept a “deed-in-lieu of foreclosure”.
·        File bankruptcy.
 
Some or all of these options may be available to you, depending on how deep you currently are into the foreclosure process.  Even if you can use them to stop the foreclosure, each of these methods is not necessarily the best move for everyone.  Talk to a knowledgeable real estate professional that can help you figure out what options you do have.  No matter how late you are in the process, you probably still have things you can do to mitigate the situation.
 
We have set up the website HomeSaverGuys.com as a resource for Middle Tennessee families who are facing foreclosure.  There is a ton of information there about the foreclosure process and options available to people who are behind on their mortgages.