Need to stop foreclosure on your home fast? Check out your 5 options now…
1. Loan Modification
If keeping your home is really what you want to do even if you are deep underwater and far behind on your mortgage payments apply for a loan modification. Be careful about who you choose to do business with and don’t fall prey to programs which try to get you to borrow more on already upside down home equity. Plus, you must recognize that no matter what your lender says, applying for a loan modification does not stop foreclosure. Many borrowers have lost their homes while waiting for an answer.
2. Bankruptcy
Attorneys have been cashing in big by recommending borrowers fie for bankruptcy to stop forecosure. Note that this doesn’t mean you will be able to keep your home and can have disastrous long term consequences, plus it costs money. It may be right for some but it can be far more devastating than most understand. Make sure you weigh all of your options first.
3. Deed in Lieu of Foreclosure
This basically means just handing over the keys to your lender and giving up. Things may seem hopeless but there are likely more attractive options on the table.
4. Short Sales
For those underwater on their home loans short sales can be a great way to stop foreclosure and get a fresh start. A real estate professional or investor can help you negotiate the best terms with your lender and you could even receive a healthy check for relocating to the tune of several thousand dollars.
5. Quick Sale for Cash
If you are running out of time to stop foreclosure on your home and are ready for a fresh start, free of debt and stress there are home buyers and investors out there with cash who can close on your home quickly. You should at least find out what they are willing to offer you before heading down any of the paths outlined above.
One thing is for sure – foreclosures are speeding up and you may have a lot less time than you think. Having the sheriff show up to evict you and your family is far from a pleasant experience. Know your options and take action today.
