Foreclosure! What a terrible word to deal with in today's housing market. Homeowners facing foreclosure have several options available to them.
One option is to consider an auction to unload the property quickly. Another viable option for owners to work out a payment arrangement and schedule with their lender, rather than just waiting for foreclosure. Lenders do NOT want to have a stable of houses and in many cases will work with a homeowner. Some lenders won't work out an arrangement but it doesn't hurt to ask.
If this is the case then the borrower could give the lender the title to the property, bypassing the legal fees that get racked up by foreclosure.
Then there is the short sale which seem to be in abundance these days. Be sure to use a Realtor experienced in short sales to make the process as easy as possible.
Foreclosure, not a word that homeowners, lenders or Realtors like to hear but for the time being it is here to stay.