A foreclosure happens when you are delinquent on your mortgage payments for more than seven months. At that point your mortgage lender will assume the property. If you are one of the hundreds of thousands of people that are facing foreclosure today then you must have many questions. Here are a few of the most frequently asked questions about going into foreclosure:

Effects That A Foreclosure Has On Your Credit

A foreclosure on your record will drop your FICO score between 200 and 300 points. Additionally a foreclosure will remain on your record for up to seven years. A foreclosure on your credit record will affect your ability to buy a home, obtain credit from any lender, and even stop you from being able to rent an apartment or obtain basic utility services.

Ways to Save Your Home From Foreclosure

If you want to save your home but have already missed a few payments there are a few things you can do depending on your situation. First and foremost the only way you will be able to save your home is if you are steadily employed. If you lost your job but was able to find other employment at the same pay you should be able to talk to you mortgage company to work out a plan to repay the missing payments and while making your full mortgage payments for little extra a month.

If you lost your job and had to take another job at a pay cut, or if you work on commission and you are not making as much because of the bad economy, you can apply to do a loan modification. A loan modification will allow you to extend your loan, reduce your interest, or both in order to make your payments affordable.

By the way, by researching and comparing the best stop foreclosures services in the market, you will be able to determine the one that meet your specific financial situation, plus the cheaper and quicker options. However, it is advisable going with a trusted and reputable stop foreclosure specialist before making any decision, this way you will save time through specialized advise coming from a seasoned foreclosing advisor and money by getting better results in a shorter span of time. Meaning getting your house out of risk as soon as possible.

Hector Milla runs the Stop Foreclosure Loans website, where you can get immediate assistance from professionals serving your state. We have done all the hard work for you and selected the best 3 rated stop foreclosure services.

Read our full reviews of those services, plus hundreds of articles and video training about how to stop foreclose and the best way to do a loan modification in order to stop a foreclosing proceeding.