Foreclosure is the worst nightmare of every homeowner. Rarely does anything come of good from it. You end up behind on your payments and the next thing you know, the bank is sending you a notice saying that it wants your home. The dreaded foreclosure notice.
Unfortunately, it’s a fact of life. But there are a lot of other people going through foreclosure too. And it may be time for you to downsize or rent. If you are facing foreclosure, there are options for you. You can sell your home for a discount and avoid foreclosure, seek a loan modification, or attempt to short sale your home. All are viable options, but which one is right for you?
Every situation is different. Not all foreclosures are the homeowner’s fault. In fact, most foreclosures are not the homeowner’s fault. It is likely that there was some cause that led to this end and it was beyond your control. Still, you have to deal with reality.
It is best to keep your head. Don’t panic. And seek the help of a professional who can guide you to making sound decisions that won’t hurt you and your family in the long run. Most people try to deal with it themselves or seek the advice of a well-meaning friend or family member. However, a professional who understands the ins and outs of the real estate game can often provide you more reasonable options. Besides, it doesn’t hurt to consult with a professional for free - someone who knows and understands the foreclosure process.