If you have been dealt a foreclosure notice by your bank, you need to contact a foreclosure and bankruptcy attorney for assistance in deciding what action you should take to save your home. Here is a quick overview of three options that you could choose to take.

#1 Get The Loan Reinstated

One of the quickest and most direct ways to deal with a foreclosure is by working with the bank to get your loan reinstated. To do this, you will need to talk to the lender and find out exactly how far you are behind in your loan arrangement. Then, you are going to need to figure out and find a way to pay back the amount that you are behind all at once.

Once you gather the money, take some time to explain to the bank what caused you to fall behind on your loan payments. Generally, the bank accepts such reasons as the loss of a job, an illness that prevented you from working, a divorce or other family emergency as a valid reason for falling behind on payment.

If the bank is willing to see that your missed payments were caused by a temporary reason, and you now have the money to pay back what you own on the loan, you may be able to get the loan reinstated by backing the backed owed amount and get the foreclosure stopped.

#2 Enter Into A Forbearance Agreement

Second, you can see if the bank is willing to enter into a forbearance agreement with you. In this situation, you are asking the bank to compromise with you in some way to come up with an agreement that allows you to keep the home and that lets both of you win.

Some of the most common forbearance agreements happen when the lender adds the money you owe back into your loan and perhaps increases your monthly payment or extends your loan period for an extra amount of years so you have lower monthly payments. Sometimes you can get the bank to accept a smaller payment, for example, 50% of what you owe in back payments, with the bank forgiving the rest of the amount and you resuming regular payments. Sometimes, if you are really lucky, your bank may forgive the entire amount.

#3 Refinance

Finally, your bank may agree to let you refinance your home. When you refinance your home, the bank lets you wrap up all of your late payments along with the rest of your mortgage into a new loan. This is generally offered to individuals who still have a good credit score, a variable interest loan and have some equity built up in their home.

Whatever you do, make sure that you work with an attorney so they can ensure that the bank treats you fairly and according to the terms of your loan. Your attorney can also verify that your foreclosure is even valid in the first place. If these options do not work for you, your attorney may be able to explore other options with you as well.