There are many foreclosure alternatives. If you cannot pay your mortgage, do not despair. Instead, be proactive, because the solutions are out there. This article will look at foreclosure alternatives.
The first of the foreclosure alternatives Im going to suggest is to simply sell your home. If you are not upside down (meaning you owe more than your house is worth,) you can sell it and come out even or even take a little bit of money away from the deal.
Of course, this is a buyers market, and most people who are facing foreclosure dont have that option.
In that case, your foreclosure alternatives is to arrange a short sale. This is where an investor buys your home for less than you owe, but the bank agrees that they will take the investors offer as payment in full. Make sure that you get the banks agreement in writing so that they cannot go after you for a deficiency judgment later.
A similar solution occurs just between you and the bank with no investor. This is where you turn the house over to the bank and they wipe out the mortgage. The reason they are willing to do this is because many, many foreclosed homes are in terrible shape when the bank...
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