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

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

No Comments

Leave a comment
Comment Information
Tell Us About Your Transaction

Bold labels are required.

Contact Information

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.

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