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Alternatives to foreclosure give you other options

If you are falling behind on your mortgage payments and think the only solution is foreclosure, you may not be correct. There are actually many alternatives to foreclosure you can try before you lose your home in that manner. While foreclosure might be a good option for some situations, if you would like to keep your home or try to prevent a foreclosure from hitting your credit score, there are some alternatives to consider.

With a foreclosure, a lender takes possession of your home. One alternative to this is a short sale. A short sale is different because you still sell your home, but you only accept a fair market price. The lender must agree to this price. At that point, even if the offer is less than you owe, the lender accepts it and forgives any difference.

This is a good alternative to foreclosure if you want to sell your home because it is not worth what you owe. Usually, you must be behind on your bills before you can attempt to have a short sale approved. If you are not yet behind on your loan, you may want to look into other options to sell the home that won't affect your credit negatively.

In cases where you're in a difficult financial situation and haven't missed a payment, you might be able to get a special forbearance from your lender. This forbearance may forgive a missed payment or allow you to stop making payments for a short time.

In any situation, there is a solution. Our website has more information on alternatives to consider.

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