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Foreclosure Tips |
Foreclosure Warnings
Foreclosure! Ten Ways to Save Your Home
Let the Lender Have It
If no other remedy is
available, consider offering the lender a "deed in lieu of foreclosure."
You essentially just sign the home over to the lender. While you do lose
your home, this is not as damaging to your credit as a foreclosure.
Sometimes the best solution is to
just walk away and let the
lender have it. The foreclosure process is expensive for the lender and
often you can remain in your home for months after you stop making any
payments.
Remember, you're making the process easier and less
expensive for the
lender, so you should get some concessions, such as forgiving any excess you
might owe if the home sells for less than the loan balance. Also try to make
sure that you will be able to stay in the home long enough to find new
housing.
This should be a last resort, and you may want to
contact an attorney
 to determine how a potential agreement will affect your rights and your
finances. An attorney referral service can help find an experienced lawyer
in your local area.
In recent years attorney screening services have
developed to help you find the right attorney.
LegalMatch
is a web based attorney referral services that allows you to present your
case, and respond only to lawyers who want to help you.
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Foreclosure Tips |
Foreclosure Warnings
This article is a general guide only and is not intended to
replace professional legal or financial advice.
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