If you are a desperate homeowner looking for a way out of a financial crisis that you fear may lead to foreclosure, there are a number of options that may offer a solution. If your mortgage is insured, you may be able to take out a special type of loan that can be used to bring your payments up to date. This kind of loan is interest-free and is often referred to in the mortgage industry as a claim advance. The lender in this situation would be your mortgage guarantor from whom you were required to take out insurance when your loan was initiated. Most of the lenders that offer this kind of program are initiated under the auspices of the Federal Housing Administration (FHA). The initiation of the repayment period for your claim advance loan can be deferred for several months or years, allowing you to get back on your feet financially. However, you must be able to demonstrate that you can resume making your regular mortgage payments immediately. In addition, the number of mortgage companies that offer the claim advance as an alternative to foreclosure is relatively small. Generally, claim advances are available only to borrowers with FHA loans and who hold FHA-approved mortgage insurance policies. Unsure if you might qualify for a claim advance loans? Contact your lender today to find out if you might be able to use this method to stop foreclosure. Loan balances must be paid off in full before the property can be sold or transferred.