It is unfortunate, but many homeowners in today’s economy have not been able to keep paying on their home mortgages. In many instances, lenders are not providing any options for these homeowners. Homeinc is experienced in working with buyers facing foreclosure and can provide insight and assistance to owners in this situation.
6 Ways You Can Avoid Foreclosure
- “Cash for Keys” or a Deed in Lieu of foreclosure – in this situation, the lender simply agrees to forgive your debt and takes your home. At this point, you will have 30 to 60 days to vacate the home.
- Equity sale or short sale – before your foreclosure, it is possible that you could sell your home and use the money from the sale to pay off your mortgage balance. If you owe more than what your home is worth, you may be able to get the lender to agree to a short sale and forgive the remainder of your debt.
- Filing bankruptcy – even though this is one way to discharge your debts without losing your home, the lender could still end up foreclosing on your property if you fail to meet your new obligations.
- Forbearance – forbearances are temporary pauses on your mortgage payments and are granted by the lender. Unfortunately, you may get hit with a lump sum payment after the pause to compensate for your missed payments.
- Loan modification – lenders often modify the terms of a mortgage loan to reduce a homeowner’s monthly payments when they’re struggling financially. However, this could mean that the principal, interest, and term of the loan will change as well and not necessarily in your favor.
- Refinance or reinstatement – while these are similar to loan modifications, qualifying for them can be difficult. Unfortunately, your financial situation could hinder you from being able to qualify for refinancing.
While one of the above options may work for you, we have a better option for you.
Sell your home to Homeinc. As mentioned above, Homeinc has been assisting homeowners facing foreclosure, for over a decade. Our licensed agents can help you navigate the process and determine an option that is best for you.
Reach out to one of our licensed advisors today to find out how Homeinc can help you.