If you are up against the possible foreclosure of your home, you may feel overwhelmed by the complicated legal considerations involved in this process. Your friends, family, and coworkers may all offer you different and even conflicting advice concerning what you should do. You may feel that you don't know where to turn or who to trust. Luckily, foreclosure is not the only option available for you.
Other Options
One way to avoid foreclosure is to refinance your home. Because of new rules of credit, this could be a viable option for you to choose.
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Millions of Americans opt instead to try to modify their mortgage loans due to the fact that they receive less monthly income than they did previously. Many lenders are willing to negotiate different repayment agreements with the individuals they have loaned money to because doing so provides them with more financial gain than if they were to simply foreclose on a property.
Another avenue to pursue is the short sale. If your bank agrees, you could sell your home for a price that doesn't quite meet the value of what you have left on your mortgage, but could give your lender a large amount of the money they are owed.
If trying to short sell your home doesn't work, you could also prevent foreclosure by returning your home back to the bank, called a "Deed in Lieu." If you choose this option, your credit score will not be hit quite as hard compared to an actual foreclosure.
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