Dealing with foreclosure can be a very overwhelming and stressful situation for every homeowner. Its very important to know and understand the process in order to search for a solution or alternative to foreclosure. The more time you have the better your chances will be to fix your situation.
Consider These Alternatives To Foreclosure
1. Loan Workout
If you experience difficulty in paying your mortgage, you should contact your lender immediately and try to work with your lender on a solution to you r circumstance. Your lender might agree to lowering your payments temporarily or provide some other type of relief.
2. Loan Modification
If your financial situation is severe or long term, work on a loan modification with your lender. A loan modification changes any term or terms on your loan in order to lower your payment to an affordable amount. Also consider working with a housing counselor. Remember that HELP IS FREE!!
3. Short Sale
Another way to handle a distressed loan is to sell the property before the bank sells it. Working with a Real Estate profesional may also be beneficial since they may be able to provice more assistance through the process.
4. Deed-in-Lieu of Foreclosure
This is a voluntary agreement between thew borrower and the lender in which the borrwer hands the title to the property back to the lender in full satisfaction of the loan secured by that property.
5. Bankruptcy
This is a federal proceeding for settling your debts.
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