For many people who are facing financial difficulties may be forced to consider how to stop home foreclosures. For any homeowner, the prospect of losing their home to foreclosure is upsetting.

The unfortunate reality is that the foreclosure process can begin as soon as four missed mortgage payments and can severely impact your financial future. If you are behind on your mortgage payments or have received a pre-foreclosure notice, now is the time to act and stop foreclosure before it begins!

The foreclosure process can take years to complete, but that doesn’t mean you’ll be living free and clear without serious credit damage. Each late payment will be added to your credit report, and the foreclosure will be visible for 7 years. Expect your credit score to drop by at least 100 points, but often much more, and it may take up to ten years to fully recover.

If you’re behind on your mortgage payments or have received a pre-foreclosure notice, your long-term credit health is probably the last thing on your mind. That being said, it really shouldn’t be. Your credit health and history have a significant impact on your ability to find a new place to live, including rentals. Many landlords will not rent to a tenant who has been evicted or foreclosed on because they see this as a high risk that you will default on your rent obligations.

Many people who were unable to stop or avoid home foreclosure found it difficult, if not impossible, to get approved for a home loan after foreclosure. Don’t bother with popular options like FHA loans, and assume you won’t qualify for a conventional loan either. After a foreclosure or short sale, most conventional loans require the full 7-year period to pass.

Extenuating circumstances, such as a serious illness that has now resolved and can be adequately documented and proven, may shorten that period slightly, but not sufficiently to get you into a new home when you need it. If you can adequately prove a death or illness, you may be approved for a conventional loan after foreclosure in about three years.

If you’ve received a pre-foreclosure notice or are four or more payments behind on your mortgage, now is the time to act. Selling your house for cash is frequently the best option, as an investor will be able to pay off your loan obligations and may even make you a strong enough offer that you will have enough cash to finance a move or even purchase a more sustainable property. If you’ve already received a pre-foreclosure notice, cash home investors can negotiate with the bank on your behalf to stop the process before it leaves a near-permanent mark on your credit history.