Foreclosure Alternatives
Foreclosure is traumatic, and terrible experience that uproots your family and forces you to find a new place to call home. It’s about more than bricks and mortar - it’s about having a place to feel safe and secure.
But when you fall behind on your mortgage payments and can’t keep up, there are options. Some of them are realistic and others are nothing but scams designed to separate you from your money. Real estate brokers, “hard money” lenders, and foreclosure rescue companies will do everything possible to convince you that there are no options left but what they’re selling.
You should always remember that to many people, you are an easy target. You’re seen as desperate, and the vultures smell blood.
It’s important for you to know all of your options, good or bad. They are (in no particular order):
- Deed-In-Lieu Of Foreclosure
- Short Sales
- Chapter 13 Bankruptcy
- Walking Away (also known as “jingle mail”)
- Defending The Foreclosure
- Refinance
- Forbearance
- Foreclosure “Rescue” Scams
Before making a decision, investigate all of your options. Your home is valuable - and not only in dollars and cents. Take the time to make the right decision rather than being rushed or pressured by someone who’s only goal is to take more money out of your pocket.