Every day, more people are headed closer to foreclosure, and toward the day they may have to leave their home. What should you do if you are soon to join the people getting a foreclosure notice?
First and foremost, you should forego the natural human tendency to freeze and do nothing. Face the problem head on and prepare, for hours and hours, weeks and weeks of making phone calls and writing to people who may be able to help. Don’t think it’s too late to do anything, As long as you are residing in the home, you probably have some opportunity to keep your home.
People facing foreclosure have more avenues to pursue than they might realize, for instance they have more options than (pay up or move out) that many homeowners think is their only choice.
Potential solutions include:
- Negotiating a Loan Modification.
- Refinancing the loan.
- Have an agent List the home for a possible "short sale."
- Selling the home to an investor.
- Declare bankruptcy.
Short sales, are where the lender agrees to accept less than is owed on the home, to avoid the expense of a foreclosure-typically are handled by real estate agents, which at least takes some of the pressure off of a stressed homeowner. Many professional Realtors are completing more short sales these days and have many buyers looking for bargains, though the process can be slow and frustrating.