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Avoid Foreclosure Even if You Cannot Save Your Home
If you have exhausted every possibility of working with your lender and refinancing is not an option, you may still be able to avoid foreclosure even if you cannot save your home. It might be prudent to consider a pre-foreclosure sale. Selling your property fast for less than the amount you need to pay off your mortgage could be advantageous, since you will avoid the detrimental effects of a foreclosure on your credit report.
You would still be responsible for the deficiency between the sale amount and the amount due on your mortgage, but you would save on costly legal feels you will be assessed by your lender if foreclosure occurs.
Alternatively, your lender may accept a deed-in-lieu of foreclosure, in which you would return your property voluntarily with the advantage of avoiding foreclosure, but this is rare.
Filing for chapter 7 or chapter 13 bankruptcies may also prevent foreclosure, but should be carefully considered and treated as truly a last resort. Consult with both your attorney and your lender before bankruptcy, as your decision will affect your financial future drastically.
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Selling Your Home:
- The First Step
- Become a Savvy Seller
- Realtor or FSBO?
- Pricing the Home
- Your Home's Value
- Showing the Home