Avoid Foreclosure - Several Options

To avoid foreclosure, you may have several options. Below is a listing of possible options depending on (1) whether or not your lender will help or work with you in avoiding foreclosure and (2) whether or not you want to keep your house.

The first thing you must do is contact your mortgage lender. Explain your situation and find out what options your lender may have available. Most lenders will work with borrowers to avoid house foreclosure, but some will not. And they are not required by law to help you. Once you determine your lender's position consider the following questions which are also possible options:

Lender Will Work With You and You Want To Keep Your House

    - Will your lender delay a mortgage payment(s)?

    - Will your lender accept interest only payments?

    - Will your lender modify your loan to lower interest rate or lengthen payment period?

Lender Will Work With You and You Do Not Want To Keep Your House

    - Will your lender agree to a short sale?

    - Will your lender accept a deed in lieu of foreclosure?

Lender Will Not Work With You and You Want To Keep Your House

    - Can you qualify for and obtain another loan to payoff your existing loan?

    - Can you qualify for a Chapter 7 bankruptcy?

    - Can you qualify for a Chapter 13 bankruptcy?

Lender Will Not Work With You and You Do Not Want To Keep Your House

    - Can you find someone to buy your house and payoff your existing loan?

The above situations and possible options are general and not necessarily tied to each other. For instance, to avoid mortgage foreclosure, even if your lender will work with you and you want to keep your house, you may need to consider filing a Chapter 13 bankruptcy.

This is general information only and not legal advice. If you need specific information or have any questions of any nature whatsoever, talk with a lawyer licensed in your state.

Stop! Don't blindly chase any option to stop foreclosure. See stop foreclosure options to learn what options you have in your situation. Remember, what works in one person's situation, may or may not work in your situation to stop, avoid, and prevent foreclosure.

For more general information, see Stop Foreclosure - Five Options You Need To Know. For more detailed information see avoid foreclosure.

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