Seven Strategies to Save Home
Avoid losing your home to Foreclosure auction by implementing one of the ONLY seven strategies available to save the home. Each homeowner's situation may vary and can determine which strategies will be best.
First take an honest, non-emotional look into whether keeping the home is the best solution for you. Often people choose to retain home for the wrong reasons, while getting a fresh start through the sale of the home would benefit.
Work directly with your lender to seek any opportunities to bring the loan current. Lenders often can provide a forbearance which brings loan current by moving missed payments to the back end of loan. Modification is also an option at times which restructures the loan completely.
The quickest way to stop a foreclosure process is to bring the loan current. Borrow from friends and family, sell personal possessions, or pick up opportunities to earn additional income in order to pay the loan.
In some rare cases, you may be able to refinance the loan through another lender to get a fresh start. It may be difficult to refinance a delinquent loan with traditional institutions, however many private institutional and investment companies may offer asset-based loans to assist.
Depending on the equity in the home and income you have, filing bankruptcy may be an option to postpone or prevent a foreclosure on your home. It may however leave a negative mark on your personal credit, but may accomplish your ultimate goal in the end.
If you are income challenged and can temporarily relocate, you may want to consider offering the home for lease in order to bring loan current and cover monthly payments. You'll have the option to end the lease and take possession of home at a later date.
When all else fails, our signature strategy is the perfect strategy to implement. Not only will you pay off all outstanding balances and/or liens, but you'll also have the opportunity to draw out equity to add to your savings. Most importantly, you'll keep your home!