Try these instead of Foreclosure
by Kaushik Sirkar, Chandler REALTOR®
Chandler AZ Real Estate
Foreclosure. What an ugly word. Various thoughts come to mind when thinking of foreclosure. Losing your home and ruining your credit are two of them. Well, just because you lose your job or have a short term crisis does not mean you have to go into foreclosure! Guess what. Banks don't necessarily WANT your house. They may lose money on it. They'd just as soon you keep making your payments.
Check out this article I just ran across. Very interesting. One bank suggests that it COSTS THEM $40,000 every time they foreclose on a home. They certainly don't want to keep doing that. The article goes on to suggest various strategies via which a person may retain their home or if they can't, then at least come out financially ahead of where they would be via foreclosure.
Keep the house
- Loan Modification
- Repayment Plan
- A Forbearance Agreement
Better than nothing
- Preforclosure sales
- Deed-in-lieu-of-foreclosure
Hey, I'm not going to steal all of money.cnn.com's thunder. For more details on these strategies if you are in a bad way with your home, go to the link above. Very sound advice!
Thanks for Reading :)
Kaushik Sirkar, Chandler Realtor®
http://www.homesphx.com
Comments(7)