subject: Can You Stop Foreclosure? - Of Course You Can! [print this page] Can You Stop Foreclosure? - Of Course You Can!
Foreclosure can be one of the most harrowing experiences a family group may face. Fortunately, until such time since the sheriff is sent to remove you against their home--a long distance out, in many cases--it's almost never too late to stop foreclosures from happening. So, are you able to stop foreclosure? of course you can! The following--selling or short-selling your home--is just one pair of the numerous options available to you.
Probably the most clear-cut ways to get out of foreclosure would be to sell your home before they remove it from under you. With this particular method, you might not have the ability to remain in your home, but you can certainly downsize to a smaller residence, especially when you pocket any profits in the sale rather than your lender.
If, however, your house is worth under you owe on it then another option might suit you better--to short-sell your home. Also known as a "pre-foreclosure redeemed", with a short sale your agent tries to barter a contract with your lender to simply accept a lot less than the total due. While a lender may or may not accept a short sale, it is often to their advantage, particularly in today's economy when lenders are amassing foreclosed properties faster than they can unload them. A downside to short selling your house is that it negatively affects your credit, however not nearly as direly like a foreclosure.
In conclusion--can you stop foreclosure? - Of course you can! You just need to go ahead and take bull by the horns and act swiftly and decisively before your lender has time for you to complete any action taken against you.
