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the most common options available to homeowners facing foreclosure
As you review these options, keep in mind that once the foreclosure process starts… you only have a limited amount of time to take action. Depending on your situation, some of these options may not be available to you.
You May be Able to Refinance
You Can Try to Selling the House Yourself
If you can raise the money through private sources such family and friends you can try to go current on your present mortgage by simply paying everything that is past due - principle, interest and taxes. However, don't get another loan and get deeper into debt. It will just make matters worse.
A friendly word of
advice… Don’t borrow from friends and family unless you are absolutely sure that you can pay it back in a reasonable amount of
time. When you don’t pay back a bank its just bad business. When you
don’t pay back your friends and family its personal and it can
destroy relationships built over a lifetime!
You Can Deed Your House Over to an Investor or Lender
You may get offers from unscrupulous investors to deed your house over to them and keep the mortgage in your name. They promise to rent or lease the house back to you and make the payments so that you can stay in your house; however these investors have nothing to lose, so if they can’t make payments for some reason, they won’t and guess whose credit will be affected? Yours!
If you have some equity built up in your home, you may also get offers from predatory lenders for a "loan to get caught up" on the delinquent mortgage payments. In exchange for the rescue, you are asked to deed the house over to them, and they promise that you may remain in the home while paying rent. The predator then sells your house from under you to someone else to pocket your equity, and you get an eviction notice.
Beware of the wolf in sheep’s clothing!
The only safe way that you can save your home from foreclosure, and continue to live in it, is by paying your bank all the money that is owed. Period! You may not like this… but it’s the truth.
Don't fall into these traps! These option should not even be considered. It's probably the worst thing that you could do.
Bankruptcy is expensive, a matter of public record, very unpleasant, and ranks as the worst thing possible on your credit report. If you want to save what's left of your credit and move on with your life, this is not a good option and should be avoided. Besides, if you had the money to pay attorney fees you probably would not be behind in your mortgage payments.
You Can Do Nothing
Many people needing help with stopping foreclosure become overwhelmed with the situation and simply do nothing, hoping for a miracle. However, technically, by doing nothing you are actually making a choice. And it’s a bad choice because while other options will leave you with “bruised” credit, this option will absolutely ruin your credit for the next 7 – 10 years. For every day that passes, additional interest and penalties are piled on and your options dwindle.
If none of the previous options are appealing to you, there is one more option... You May Qualify to Sell Your House Using a Short Sale.
That's where we can help you.
Fortunately, as a licensed broker we follow a strict code of ethics. We have a solid track record of dealing with people in foreclosure and we will be upfront and honest with you...
We cannot save your home… but we can:
See if you qualify for a
We can discuss your particular options and answer all of your questions.
We will NOT try to sell you anything. If there is no way that we can help you, we will simply tell you so. If we think that referring you to a third party is best, then we will gladly refer you to someone that we feel is qualified to help with your situation.
Please consult with a tax
professional regarding the potential tax consequences for your
goal is to provide you with sufficient information to help you
choose the right option based on your current situation.
Nothing is represented as tax advise as every situation may
result in different tax consequences.