Once you approach the reality of foreclosure on your Silicon Valley home, you may be wondering if there is truly a reliable way to avoid foreclosure. You will be eager to learn that there is! In fact, there are three completely different ways you can avoid it. Each should be considered before you choose one or the other. Also, it is wise to get in touch with a lawyer, an accountant, and a real estate agent to discuss your legal rights, the taxes and other kinds of money involved, and other aspects to do with your home. Hopefully, these three ideas will give you what you need to avoid foreclosure.
The first idea is to file for bankruptcy. This will be the most beneficial to you with the help of a bankruptcy lawyer. This option gives you more time to repay your debt and excuses some debt altogether. Whatever decision is made in court must be met by you. If you fail to do so, the lender may continue with the foreclosure of your home. While bankruptcy is an option open to everyone, it should be a last resort to avoid losing your home. There are two other options that will have a far lesser effect on your credit while still allowing you to avoid foreclosure.
Next is the option to sell your house. Before foreclosure becomes unavoidable, you can choose to sell in order to avoid foreclosure and use the earnings from the sale to pay your lender. To help you accomplish this, you will need to contact a good real estate agent in Silicon Valley so you can get the most for your home and possibly even make a profit after paying your debt. The best way to make a larger profit is to fix up your home before putting it on the market.
If you are too close to foreclosure to be able to take your time selling a home on the regular real estate market, you can short sell your home to avoid foreclosure. Of course, short selling means you will sell your home for less than it is worth just to get it sold quickly. To be successful, again you should be in close touch with a Silicon Valley real estate agent who knows about potential buyers and can get your home sold quickly. Clearly, there are ways you can avoid foreclosure if you simply know where to turn.
To learn more about Silicon Valley Real Estate, you can view all Silicon Valley Foreclosures and Silicon Valley Short Sale Listings.
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