Jump to Navigation
We can handle your closing anywhere in the state.
Subscribe to This Blog's Feed

Avoid foreclosure with a short sale or other methods

Can you really avoid a foreclosure? Yes, it's possible, and a short sale is one of the methods you can use.

When you fall behind on your mortgage payments, you're in a position to negotiate with your creditors. They won't want to lose out on profit by allowing the home to go into foreclosure, so a short sale can be a reasonable request. With a short sale, you sell your home for less than you owe, but the remaining debt is forgiven by the mortgage company.

A short sale will still affect your credit rating, but it won't be as severe as a foreclosure would be. Besides a short sale, you do have a few other options that you can try.

A forbearance, which temporarily reduces or pauses your payments, can help you catch up on your debts. It's likely you'll have to pay back the payments you missed, but they may be added onto other payments or tacked onto the end of your loan. Loan modifications may be able to reduce the price you pay every month.

Repayment plans and refinancing can also help you reduce the cost of your monthly payments, so you can avoid turning to foreclosure or losing your home.

In most cases, you'll need to negotiate directly with your creditors. Your attorney can help you reach out to them and come up with a reasonable plan for moving forward and paying off your debts.

Our website has more information about short sales and other methods of debt reduction, so you can have a better understanding of the options available for you before you speak with your attorney.

No Comments

Leave a comment
Comment Information
Tell Us About Your Transaction

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close
Visit Weeks & Irvine at One of Our Six Locations

North Charleston office 8086-B Rivers Avenue
North Charleston, SC 29406
Phone: 843-553-9800
Toll Free: 800-553-7449
Fax: 843-553-9804
Maps and Directions

Mt. Pleasant office
1100 Queensborough Blvd, Suite 102
Mt. Pleasant, SC 29464
Phone: 843-856-9800
Toll Free: 800-553-7449
Fax: 843-216-0930
Map and Directions

Mt. Pleasant North office
3040 Highway 17-A North, Suite B
Mt. Pleasant, SC 29466
Phone: 843-388-3250
Toll Free: 800-553-7449
Map and Directions

West Ashley office
873 Orleans Road, Suite 102 1/2
Charleston, SC 29407
Phone: 843-571-2996
Toll Free: 800-553-7449
Fax: 843-571-2998
Map and Directions

Summerville office
106 West 7th North St
Summerville, SC 29483
Phone: 843-875-7111
Toll Free: 800-553-7449
Fax: 843-875-7721
Map and Directions

Goose Creek office
567 Crowfield Blvd.
Goose Creek, SC 29445
Phone: 843-553-9100
Toll Free: 800-553-7449
Fax 843-553-9183
Map and Directions