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What are the options to avoid a home foreclosure ?




1. Loan modification

Good plan, if you are in foreclosure due to a temporary situation, such as loss of employment. You only need a loan modification if you have a new job and can make payments again. The modification can get current and restructuring payments is reached on the basis of their new income. You have to convince the bank that the loan modification is a better option for them than foreclosure.

2. Short Sale


Put the house on the market and get offers from buyers. Take these offers to the bank to accept and negotiate the price as full payment of your loan. Make sure your short sale agreement settles the loan in full so the bank can not sue for the difference later.

3. Deed in Lieu (of execution).  


Still shows up as a foreclosure on your credit report, but you can negotiate with the bank and agree not to sue where the difference in exchange for handing over the keys and save the hassle of hearings and legal fees .

Consider this

The only way you can keep the house if you can afford to keep the house and you can work a loan modification (option 1).

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