When you are facing a foreclosure, stress and uncertainty are extremely powerful. This stress and uncertainty only grow more powerful as you approach the final steps of a foreclosure. Even when you feel that you are at the end of your rope, there are still some things you can do to help avoid a foreclosure.
Here are a few strategies to consider.
Even if your foreclosure is scheduled in the next few days, you can delay the process by immediately filing for bankruptcy. Usually, this will put an immediate stay in the proceedings of your foreclosure. But, even if it doesn’t, it could delay it for at least a month or two.
A loan modification is something that can help you avoid a complete foreclosure. You can actually start this process well before the final days of a foreclosure.
However, even if you have waited, filing for a loan modification is something that can stall a foreclosure.
Complete a Short Sale
A short sale is an excellent option for homeowners who have the potential of going through a foreclosure. This occurs when you sell your home for less than what it’s worth in order to remove the debt quickly. Keep in mind that this is something that you will need to have prior approval for through your lender.
These are just some of the things you can do to avoid a foreclosure even if you are reaching the end of your options. When you are going through this process, it is always best to seek guidance from a professional to help you navigate the tricky path of home mortgages and foreclosures. To learn how we can help with this process, contact us today.