What are my options when facing foreclosure?
First, make sure to always remember that you have options. It is always better to be taking action than reacting to others. Even if foreclosure is your only option, it is always better to act first than be acted upon. If you choose not to take action, others will take action for you. When others take action for you, they are rarely interested in doing what is in YOUR best interested. Your taking action is key!
Second, at the most basic level, you have three alternative choices when faced with foreclosure:
- Keep paying (get current on payments, loan modification, etc.)
- Sell (short sale)
- Walk away (foreclosure, deed in lieu, etc.)
Bankruptcy is an alternative, but it will likely end up falling into one of the three categories when it is all over.
If you would like a copy of my report (pdf w/no sign-up): "Nine Alternatives to Foreclosure."
Also, check out: "Seven Traps when Facing Mortgage Issues or Foreclosure."
Critical KEY POINT: Before making any decision, be sure to seek legal and tax advice as foreclosure can have serious negative consequences if not done correctly.
For more information on how to get real estate, legal and tax advice, call or email me for a FREE private friendly conversation.
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