Sell My House Now!: Help! My House is in Foreclosure! How Do I Avoid Foreclosure?

Choosing an Alternative Route to Avoid Foreclosure

The economic downturn of the last few years has impacted nearly all Americans who have lived through it in one way or another. Some have lost their jobs, while others have lost their homes. The job market is slowly starting to rebound. However, many still live with the threat of losing their home due to a foreclosure situation resulting from the inability to pay their mortgage. While this situation is likely to be extremely scary and stressful for those going through it, there are alternative routes available.

When faced with the possibility of being foreclosed on, many do not realize they may have the power of stopping foreclosure proceedings. This can be carried out in a variety of different ways including finding another party to outright buy or take over the payments on the property. If you do find yourself needing to explore this route, then it is important that you also avoid disclosure on the property.

Honesty is the Best Policy

The first step in finding an alternative route that will allow you to possibly avoid foreclosure is to be honest. Honesty does not stop with your family. Rather, in this situation, it also extends to your mortgage lender. Once you miss a mortgage payment, you need to work quickly to restore your lender's faith in you, according to HUD. This is when the honesty should kick in. Write them a candid type of letter and be open when explaining your situation. Do not leave any details out as you want them to fully understand why you have missed your payment, and what they can expect from you in the future.

Once you are honest with them, the lender may be willing to work with you if they can. This may happen on a case by case basis, so talk to your specific agent to see what they can do. Look into the possibility of a mortgage modification. In this situation, a lender works to lower your payment to something that can work better for you according to, Consumer Financial Protection Bureau.

Sell Before Foreclosure

If modifying your loan is not a viable option for you, you may want to try to sell your home before it is officially foreclosed on. This type of sale is different from a normal real estate transaction. The goal of this situation is to sell the property before it damages your credit rating too badly, according to Desert News. You will likely not make the kind of money you want on the home, but this loss is better than damaging your credit rating.

When looking to sell before foreclosing on the property, do your best to keep it in good condition. This can shorten the time it is on the market. If the home is in need of repair, try to make the ones you can as this will ease your buyer's mind, since there are many things that buyers who are looking for a foreclosed property consider, according to CNBC.

Losing your home is not an easy idea to digest. However, going into foreclosure can create damage that may take a significant amount of time to recover from. Instead of facing your credit rating retreating, consider some of the alternative routes available. Talk to your lender to see how they can help you. Look for an investor to take over the payments on the home or buy it from you. The loss you suffer from the sale price will be easier to handle than a foreclosure on your credit report.

If you are in the Central Florida area and would like to discuss your foreclosure options then please give us a call at 321-800-2001 or visit http://ibuyandleasehomes.com/stop-foreclosure.htm.