Options to Foreclosure

Posted on Friday, September 17th, 2010  

More and more people these days are struggling to continue making their mortgage payments for a variety of reasons including job loss, decreasing real estate values, and increasing mortgage payments due to an Adjustable Rate Mortgage (ARM).  However, foreclosure is not the only option available for people who are having problems meeting their mortgage payment.

The answer to whether you wish to stay in your home (and can afford to do so) or whether you wish to move presents differing options to consider.

Some of the options available if you wish to keep your home include:

  • Filing Chapter 13 bankruptcy
  • Attempting to modify the terms of your existing loan in a work out agreement with the lender
  • Reinstating or redeeming the loan

Some of the options available if you wish to give up your home:

  • Attempting to sell the home in a lender-approved short sale procedure
  • Requesting to deed the house back to the lender via a Deed-in-lieu
  • Filing Chapter 7 bankruptcy to escape personal liability for a foreclosure deficiency

Your individual situation will determine which option is the best path for you to follow.  You should work with an attorney to review your specific circumstances and needs in order to get the best possible outcome.  Please contact our office for more information or to speak with an attorney.

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