Top 3 Ways to Avoid Foreclosure -
1) Try to work it out with the lender -
Your best option is to get very honest with your lender. Many times you void this process but it is one that you should at least consider. Fact - it will cost your lender more to go through the process of foreclosure and resale of your property. They NEED to make a deal with you!
2) Declare Bankruptcy -
Bankruptcy is the process of eliminating some or all of your debts in exchange for either regular payments or a seizing of your property. Although it may not seem like an enviable option, it's the smartest way out of an underwater mortgage for many homeowners. When you file for bankruptcy, the foreclosure proceedings can be stopped with an automatic stay.
3) Consider Selling the House -
If you believe you have any equity in your house (value is higher than what you owe) you can sell your house. If you allow your house to go through foreclosure, no matter how much equity you have you will never see it if you do not sell before the bank takes possession.
This is not an exhaustive list of remedies for foreclosure, but does illustrate the top 3. I enjoy helping people out of bad situations. If you are interested in talking or a free estimate on what I think you could sell your house for, email me - Cody@NWPropertyOptions.com
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