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There are good alternatives to foreclosure available

There are many alternatives to foreclosure that you can consider before you decide if a foreclosure is right for you. In some cases, the alternatives can help you save your home or protect your credit score.

Not all alternatives are right for every circumstance, which is why it's a good idea to talk to your attorney about the options that are available. For some people, a foreclosure can be a good choice, but for others, these alternatives are a way out of debt that doesn't have as dire of consequences.

The first alternative to foreclosure is bringing your payments current. While this might not be an option for everyone, just know that if you can make all of your payments, including fines and fees, before the home is auctioned, then you can reinstate your mortgage.

Another good alternative is seeking a loan modification. If you don't have enough money to bring the mortgage current but can make payments, a modification might be right for you. The lender may, for example, take the amount you owe and add it onto the amount of the loan, essentially forgiving the missed payments but adding a few additional months to the loan.

Finally, bankruptcy could be a good option if you want to save your home and need more time to do so. Bankruptcies can help you wipe out other debts that prevent you from making payments on your mortgage. During a bankruptcy, a lender cannot continue a foreclosure, so at the very least, it gives you time to decide what to do.

These are a few options open to you. Our website has more on foreclosures and what you can do if you want to save your home.

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