As a homeowner, foreclosure might be on the top of your mind. It can seem like a bit of a mystery, but hopefully, this video will clear some things up. The first thing you should know about is loan modification. This process can take a very long time, but if you make it through, your bank can reevaluate your loan and make it more manageable for you. Unfortunately, because it takes such a long time if you don’t get approved you could be very behind in your payments.
Next, you’ll want to know about a short sale. This is when you’re selling your home but you don’t have enough money and equity to give your bank to pay the loan off. You can work with a short sale specialist to see if you qualify and if a short sale is right for you. These can also take quite a long time to get approved, but it’s a great option for some.
You’ll also get a lot of letters from bankruptcy lawyers. This will prevent your home from being foreclosed on, but this is not your best option to stop foreclosure. If you don’t succeed bankruptcy and foreclosure will be on your credit report.