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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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This article is a general guide only and is not intended to replace professional legal or financial advice.