If you believe that your house is going to go into foreclosure, it is likely a problem that you can avert. It is very possible that you could find a way to save your home using several different options. Even if you do not have family members that can help you, or you cannot get a loan from a bank to prevent this from occurring, there are options that you may want to consider in order to prevent the loss of your home through foreclosure. Here are simple strategies you can use in order to get out of foreclosure as soon as possible.
Do A Short Sale
A short sale can be the easiest way to get out of foreclosure in most cases. They can also be the most distressing. For example, if you have built up quite a bit of equity into your home, you are essentially asking another person to take over the note for you, or to pay it off completely. It may only be half of the value of your house, and by doing this, you could be losing hundreds of thousands of dollars. However, if you are in a situation where you are not able to do anything else, but you want to protect your credit, this might be the only way out.
Work With Investors
You might be fortunate enough to have investors that are in your area that will be more than happy to work with you in order to help you with the situation. Instead of doing a short sale, they will simply take part ownership of your house, with the agreement that it will be placed on the market in order to make the sale. They will probably let you keep some of the equity, and if they do so, it’s going to make it very easy for you to make this decision. Instead of losing all of your equity through a short sale, you can retain some of that, and still take care of your foreclosure problem. One of the easiest ways to unload your property quickly is by looking for a local home buyer. Try Googling “sell my house fast YOUR CITY“. For instance I Google searched “Sell my house fast Indianapolis” and found dozens of home buyers and investors that would offer cash for my house within a few days. Just make sure whoever you do business with is BBB accredited and licensed.
Find A Third-Party Lender
The other possibility that you have is that you may be able to find a third-party lender that will help you with this situation. They may be able to pay off that note, and based upon your previous credit rating being commendable, they will trust you enough to pay off the existing note and provide you with a new mortgage. This might be hard to do if you don’t have nearly perfect credit, or a job that pays you a substantial amount of money. However, it never hurts to ask, especially when you are faced with the alternative of losing your home and having a foreclosure on your credit rating.
These are very simple solutions that you can implement if you’d like to fix this problem in the next few weeks or months. It is better to get a handle on this as soon as possible. If you are able to do so, it will prevent you from losing your house altogether, and also having a foreclosure on your credit score. It’s really easy to resolve as long as you can find people that are willing to work with you. In no time at all, you may no longer be under the threat of losing her home because of using one of these solutions. It will only take you a few hours to call the right people, and if one of them decides to work with you, you can get this foreclosure behind you.