If you’re one of the millions of homeowners facing foreclosure, there are a number of options you can pursue to reach an agreement with lenders, keep your home and safeguard your credit rating.

You should upon facing foreclosure immediately negotiate with your lender to workout a plan. You’ll find your lender to be more than open to working along with you if you are willing to adhere to a fair repayment strategy. Remember that your lender doesn’t want your house and will only seize it as a last resort. Lenders would much rather stick to lending money than to managing properties.

You won’t have a whole lot of time to ink a deal with your lender if you do default, so don’t drag your feet or make unreasonable demands. Most states stipulate that a borrower whose default has dragged on for 60 or more days has exhausted the time frame for working out a deal with his or her lender. Lenders have the legal authority to pursue court action to foreclose homes if owners are ignoring or avoiding them.

If you’ve already come to the point where collections agencies and creditors are starting to harass you, then you already know that it is anything but pleasant. You’ll have to prioritize these competing interests by first dealing with home foreclosure issues.

Here are some tips brought to you by the bank foreclosed homes guide that you can refer to when trying to get your lender to refrain from foreclosing your home.

Reduced Payments

Your lender might be open having you pay a lesser monthly amount for an agreed upon period of time so that you can get caught up on your payments. Your lender, however, might reject this option outright, but you should ask if this option is possible, anyhow.

Payment Deferral

You might be able to get your lender to agree to defer one or more payments and to tack any deferred payments onto the end of the loan period. This option will allow you to stay current and to ultimately pay off your lender in full.

Short Sale

Your lender may permit you to sell your home for a value that is worth less than the amount it loaned you. The rationale for this is that the lender might reason that pursuing a foreclosure would be more costly than simply taking the proceeds from a short sale.

Reduced payments, payment deferral and short sale are but there possibilities. Check with your lender to see what other options might be available to you.

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