Foreclosure Options
YES – THERE ARE OPTIONS TO FORECLOSURE!
As we all know in these difficult economic times many people are losing their homes. You may very well know one of these people or even be one yourself. Whether a home is being lost due to a job loss or a decrease in wages, there are options. These options are still may not allow you to keep your home but, will help prevent a foreclosure.
SHORT SALE: This is when the mortgage company allows you to sell your home for less than the balance of your mortgage. Arrangements for a short sale must be worked out with your mortgage company prior to the sale.
DEED-in-LIEU: This is when your mortgage company allows you to give them the deed to your home in exchange for forgiveness of your debt. You may be required to have your home on the market for a certain amount of time before this option is considered. Also, this has to be done prior to a Sheriff Sale.
SALE OF HOME: Put your home on the market. You can do this before or after a Sheriff Sale. However, the sale must happen prior to the Sheriff Sale to prevent a foreclosure being recorded.
The most important thing you must do during this time is to stay in contact with your mortgage company. Preventing a foreclosure helps you “save” your credit, so that when your financial situation improves, you can purchase a home.