When you own a home that you have financed, it is extremely important that you make your mortgage payments on time and consistently. If you fall behind or miss payments, your lender has the ability to start the foreclosure process after only two notices. These are some ways that you can prevent foreclosure on your home:

Talk to your lender–Depending on the circumstances, your lender can offer options to help mitigate the foreclosure process and keep your home in your possession. Be honest with your lender and never omit information regarding any debts or liabilities.

Reinstate the loan–Under California law, you can reinstate your loan at any time prior to 5 days before the foreclosure sale in a nonjudicial foreclosure.

Redeem the property–You can stop the foreclosure process by “redeeming” the property. To redeem, you must pay off the entire amount of the loan prior to the foreclosure sale.

File for bankruptcy–Filing for bankruptcy can actually benefit you in the event of a foreclosure. Especially in the days leading up to the foreclosure sale, filing for bankruptcy can immediately stop the sale from happening. Once you file, an injunction known as an “automatic stay” goes into effect, which inhibits the lender from foreclosing on the property or collecting any debts (temporarily). Chapter 7 Bankruptcy can delay a foreclosure by months, while Chapter 13 can potentially save your home entirely.

In the event of a foreclosure, it is best you seek the advice of an attorney regarding the options above. This is not to be taken as legal advice, but rather suggestions into options that might work for you if you are met with a threat of foreclosure.