Facing a foreclosure is not Once the foreclosure process has begun, there is a set time period during which a resolution must be met. Otherwise, the actual foreclosure will occur, causing the mortgagor to lose their home, their money, and even their good credit. As a result, it is important that homeowners feeling threatened make the necessary efforts to stop foreclosure fast. When the threat of foreclosure is first presented, the homeowner should make contact with their lender. Many lenders are willing to negotiate or offer other possible resolutions, such as a repayment plan. If the bank chooses to continue, there are other options that can be pursued as well - talking to a housing counselor, loan modification, making a short sale, or even hiring a lawyer. Of the many options, the most feasible method to consider is, of course, making a deal with your bank. Some of the other options can still ave a negative effect on your credit, though better than that of a foreclosure.