There are a number of options for homeowners facing foreclosure, one of which is called a special forbearance. A special forbearance occurs when your lender arranges a special repayment option based on your current financial conditions, versus those that existed when you originally signed the loan papers. In addition to those basic conditions, your lender may also go so far as to arrange a lower monthly mortgage payment or even, in some extreme cases, suspend payments on a temporary basis, for a few months.

In most instances, lenders will only approve a special forbearance if you have had a sudden loss or reduction of income or faced skyrocketing monthly expenses for things beyond your control, such as sudden medical bills. However, it is important to note that in order for your lender to approve such drastic measures, you must show documented proof of your circumstances, including a hardship letter. You also should know that if your lender takes these steps, it does not mean that you ultimately owe less; it just means that you are adding these payments to the back end of your loan.

Another option to cease foreclosure on your home is through mortgage modification. Mortgage modification allows you to refinance your mortgage or extend the payment period, lowering your monthly payment.

Homeowners that best qualify for this option are those who have been through financial troubles that caused them to fall behind, but have since recovered and are able to afford to begin to make payments again.

Yet another option for those trying to avoid foreclosure is a partial claim plan. Partial claims work with the FHA Insurance Fund and consist of a one-time payout to help you catch up your mortgage payment. To qualify for a partial claim, you must be at least four months behind on your mortgage, but not more than 12 months. You also have to provide financial documentation to show your lender that you are able to make your mortgage payments in full. The idea behind a partial claim is that the U.S. Department of Housing and Urban Development brings your mortgage current and you sign a Promissory Note to pay the new amount. This Promissory Note is completely interest-free and will be due once you have completely paid off your mortgage or once you have sold the home.

These are just a few options to help you avoid foreclosure. Be sure to ask your lender about any specific programs they may have in place to help you remain in your home.