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Walking away: Preventing a foreclosure on your property

Sometimes, you need to take steps to avoid a foreclosure on your credit rating. You may be able to work with a loan servicer and a foreclosure prevention program in South Carolina to eliminate your debt and to get it under control, but if you aren't able to keep or don't want to keep your home, then there may be some other options.

One option may be to sell your home. If you can show that you can sell the home and pay back your debts, then the servicer may not opt to pursue a foreclosure while the deal closes. This method will work best if your home will sell for enough to cover the cost of your mortgage and related fees.

Another option you may have is called a deed in lieu of foreclosure. What you do in this instance is voluntarily transfer the title of your property into the mortgage lender's name. In return for this, the mortgage lender will cancel the remainder of your debt. This process still results in you losing the home, but it's less damaging to your credit than if you went through a foreclosure instead.

Finally, you could try to go through with a short sale. This method is used when your house isn't worth the debt you owe, but you can convince the mortgage company to forgive the difference. The buyer will essentially make an offer, and if the lender feels it's fair, then the deal will be approved and your outstanding debt may be forgiven completely, helping you avoid a foreclosure on your credit report.

Source: FindLaw, "Walking Away From a Home to Avoid Foreclosure" accessed Mar. 24, 2015

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