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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.

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