9 Ways To Avoid Foreclosure

There is much to discuss … talk with a competent real estate professional PLEASE!  Don’t assume anything.

9 Ways to Avoid Foreclosure:

REINSTATEMENT: Bring the loan current

FOREBEARANCE: Temporary repayment plan from your lender

REFINANCE: New loan with reduction in monthly payments

LOAN MODIFICATION: Modify original loan terms with your lender

SELL THE PROPERTY: Use equity (excess funds) to payoff or pay the difference

RENT THE PROPERTY: Must make loan current

SHORT SALE: Negotiate with bank to accept sale under loan amount

DEED IN LIEU OF FORECLOSURE: “friendly foreclosure”

BANKRUPTCY: Will stall foreclosure but not prevent it

Even the deed in lieu of foreclosure is a foreclosure on your credit.  If you are ready to move out/move on, then you’ve just got to try the short sale option first …. it will cost you nothing out of your pocket to get it going and the short sale is soooo much less derogatory on your credit report!