Learn How You Can Stop Foreclosure in Portland

How To Help Stop Foreclosure

Do you need help to stop foreclosure? When you face foreclosure it can seem like the end of the world. Not only does it mean the loss of your home; it can also put your credit rating in the toilet. In today's economic climate many people are facing this situation, but you're not alone. There are several methods you can use to stop foreclosure. Help yourself by considering these options:

Stop Foreclosure With A Short Sale

The short sale is a common way to get foreclosure help. It's a good option if you owe more on your home than it is worth and it won't hurt your credit as much as foreclosure. It works like this: you sell your home for a bit less than it is worth and your lender forgives the remaining debt, leaving you in the clear. Not everyone qualifies for a short sale, so check with an agent to see if you meet the criteria.

Help Stop Foreclosure By Selling Up

Another way to help stop foreclosure is to sell your home before the lender forecloses. It always takes a while to go through the foreclosure process, so assess the value of your home and get an experienced real estate agent to put it on the market. Sell quickly and you could even end up with cash in hand.

The Last Resort

As a last resort, you could sign a deed in lieu of foreclosure, where you deed your home back to the bank and they agree to forgive any remaining debt. This will still hurt your credit a lot, so don't do this unless you really have to. If you have to take this option, get your lender to let you live in the property till you have found somewhere else.

Choosing the Right Agent

To get any of these processes underway and get help to stop foreclosure, your best asset is a reliable agent. This agent will assess your home and see what equity there is. The agent will also advise you on the best option so you come out with the best result: either in terms of credit or cash in hand. Choose this agent carefully. Find an agent:

If you get the right help, then you don't have to take a 250-point hit on your credit rating.