There are several options to saving your home through foreclosure prevention:
1. Bankruptcy:Filing a bankruptcy initiates an immediate cease and desist for any pending foreclosure of your home. The mortgage lender must immediately stop any pending foreclosure from taking place. You have options of chapter 7 or chapter 13 depending on your situation. Jim Gaudiosi, Esq. is an experienced bankruptcy lawyer and can help you make the important decision of filing bankruptcy to save your home. In some situations, a bankruptcy could allow you to; 1. Pay back home mortgage arrears through your bankruptcy; 2. Begin a mortgage modification, which might restructure your mortgage loan into more affordable payments, a fixed interest rate, and possibly a principle reduction, or 3. Allow you some time to make a decision about how you want to proceed with your mortgage, selling your property before you lose it, or there may be additional options depending on your situation.
2. Short Sales:
If your home is worth less than what you owe, you might want to consider a short sale. A short sale is a real estate transaction wherein you would sell your property for less than what you owe, and your lender agrees to the sale based on negotiations with your lender that I will help you complete. My real estate team will work closely with your lender to prevent any foreclosure while we find a buyer for your home. Once we have a buyer, we will negotiate a selling price with the buyer and the lender. Upon closing, you may be eligible for a cash payment to you from your lender. A short sale is easier on your credit than a bankruptcy or foreclosure allowing you to rebuild credit quickly. There is no out-of-pocket cost to you for hiring me to complete your short sale.
3. Sell Your Property:
If you have some equity in your home, my real estate team might be able to sell your property before any foreclosure takes place. We will work with your lender to prevent or postpone the foreclosure while we find a buyer for your property. If we can't find a buyer, we might be able to make you a competitive offer on your property and close quickly, so you have time to move out on your schedule. If you want to buy a new property, my real estate team and mortgage lending broker could help you with your next purchase. Selling your property would be the best option for saving your credit rating and score.