How Can I Stop Or Delay The Foreclosure On Our House?

First and foremost get on the phone to your lender and discuss your options with them. If you do not speak English, you can request a translator to do so, that way you can understand everything that is going on.

Lenders right now are working on ways to help people keep their homes rather than get them back in foreclosures. You can talk to the lender about a loan modification, adding your missed payments onto the end of the loan and several other options.

Contact a Realtor to help you. He or she can work out a "Short Sale" situation with your lender so they will accept whatever the house sells for and write-off the amount that is lost. They will require that you have the house listed for at least 90 days before they will consider a "Deed in Lieu of Foreclosure," which is what you ultimately want from them.
In order to give your house back to the lender and give them a "Deed in Lieu of Foreclosure" you will need to document about everything involved in your financial lives for them and prove that you have a hardship situation. So many people cannot afford their homes right now due to job losses so they are prepared for this.

You need to contact an attorney to find out if you have a "Right of Redemption" in your mortgage because this could be up to a year and could buy you some time to prevent a foreclosure. Also check with the attorney about whether you have a "Due on Sale Clause" in your mortgage. This simply means that when the house is sold the lender gets paid off first.

If you do not have a "Due on Sale Clause" you could possibly sell your house on a contract to someone as long as your monthly payments will pay your note. If this is something you want to consider, you may be able to get a large enough down payment from the buyers to get you caught up on your payments. Here again, something to discuss with an attorney.

To stop foreclosure the best way is simply to get caught up on your payments. You could refinance your home and the interest rates are particularly good right now which could save you money over time. Another option would be to borrow some money to get caught up. If you work it out with your lender to add your missed payments onto the end of your loan this would give you a breather as well.

Because of the state of the economy right now, this issue is uppermost in the President's and Congresspersons' minds. Call your Representative or Senator as they may have some other options for you.