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Foreclosure: Other options may be able to help

Foreclosure can seem like a great idea to some who are struggling with debt, but it's not the only option open to you. In fact, there are many different things you may be able to do to stay in your home or to get out of debt without taking on a foreclosure and the impact it has on your credit.

A foreclosure can be a good idea if you have no other options, but things like short sales and bankruptcies can also help you get out of debt without the damaging effects of a foreclosure. For example, a short sale helps you sell a home that is not worth what you owe on a mortgage. The bank determines what amount it will accept and forgives the difference. A bankruptcy, on the other hand, may help you eliminate the debts that make it hard to pay your mortgage, so you can once again pay the debts you owe without struggling.

Foreclosures result in your home going back to the mortgage company or bank. Then, you must leave your home. The trade is that you are no longer in debt. However, your credit is severely impacted by the foreclosure, which means it can be hard to rent or purchase a new property.

It's a good idea to talk to your attorney about alternative options to a foreclosure before you choose that path. The implications of a foreclosure are long-lasting, so you need to understand the way you'll be impacted before you decide to move forward. There may be other options that are better suited to your situation.

Source: Huffington Post, "Is Foreclosure Ever a Good Idea?," accessed June 13, 2017

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