10 Ways to Avoid Foreclosure

Contemplating the homeowners options to avoid foreclosure?  Depending on the decision a deliberating homeowner might take, a seller can find alternatives to the 7 year credit bash of a foreclosure and should seek a CPA and/or legal attorney as every choice has different consequences.
  1. Don’t change any thing on the loan and continue to pay your current mortgage
  2. Reinstate by becoming current with all payments and fees
  3. The lender allows all the missed payments and fees to be added at the end of the loan by a forbearance
  4. Find renters to pay your mortgage, if you have another place to stay while you get financially stable
  5. Renegotiate the terms by a loan modification
  6. If you have good credit and equity in the home, the lender may refinance
  7. Apply for a “short sale” and negotiate paid in full terms
  8. Give the home back to the bank with a “Deed in Lieu”
  9. File bankruptcy so the seller can eliminate debt and possibly keep their home
  10. Sell the property if the market value of the home is higher than what you owe on the property
Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s