The economy these days seems to get worse by the hour. Every time you turn on the news, you hear the negative impact the economy is having on our lives. Just recently the Virginia Pilot reported that, according to Old Dominion University economists, Hampton Roads economy will have it’s slowest growth rate in more than a decade. (see link) Also in that report they suggest that 2009 is not going to be any better.  The unemployment level has risen to 4.8% in August and it is harder for unemployed people to find work as well.

The bad economy is also making it difficult for good people to maintain mortgages they took out on homes.  Many lenders are now foreclosing on properties at an ever increasing rate. Homeowners want to stop mortgage foreclosure, but often times find themselves ruined financially by allowing the foreclosure to proceed without doing anything.   What once was the dream home is now becoming a financial burden that is just too much to bear.

Many people will advise you to work with your lender, and that is great advice if you’ve just missed a payment. However, once a lender files the Notice Of Default, your avenues to stop mortgage foreclosure becomes quite limited.  It should be clear at this point, that you need to take action to protect yourself and find a way to stop the foreclosure. Now is not the time to be an optimist and figure that you will be able to pay the debt before foreclosure. If you have not been able to catch up by this point, chances are pretty good you aren’t going to be able to do it later.

It is possible to stop mortgage foreclosure by selling your home quickly. I know that is the last thing most folks want to do, however you have to be a realist at this point. A foreclosure will ruin your credit for at least the next seven years. That will make it very hard to secure credit or a personal loan during that time. Potential lenders will see the foreclosure and automatically deny any credit because you will be too much of a risk.

Few homeowners actually plan to go into foreclosure. If you have enough equity in your home to pay off the mortgage in full, then a quick sell is usually your best option.  You’ll be able to keep whatever is left of your credit score intact and position yourself later to buy another home in the future.  Plus you may end up with a little more money to cover other expenses or other immediate living costs.

To sell your home you can go through a traditional real estate agent or, if you want or need to sell quickly, consult investors that specialize in your situation.  You need an investment company that deals exclusively in situations like yours who can assist you now, not weeks from now. The need to stop mortgage foreclosure is immediate and so is the need for you to sell your home.

We all get into a financial mess for one reason or another. Job losses, divorce, and unexpected financial emergencies come up at the least expected time. The reasons for the financial crisis is stressful enough so don’t add undue stress to yourself. Seek out a real estate investment company that will purchase your home so that you can stop mortgage foreclosure and save what’s left of your credit rating.