Top 5: Options for Someone Facing Foreclosure

By
Services for Real Estate Pros with SidCo Property Solutions

Top 5: Options for Someone Facing Foreclosure

5.  Roommates Welcome!  Consider getting a roommate.  If you have enough space, taking on a roommate who will not only share the utility bills but also the mortgage payment could be a tremendous help.  Place an ad in the Louisville Courier-Journal or on Louisville.com!

4. Lease Option.  If an outright sale of the house isn't an option, leasing with an option to buy may be perfect for the right person.  You can gain the income to make your monthly mortgage payments while the person leasing can build up their credit score and have time to save to outright buy the property.  A Win-Win for both parties!

3. Renting.  Consider moving in with someone else for a while and renting out your home.  Depending on the location, condition, and size of your property, you may even get more in rent than your monthly mortgage payment.  Or, you could just rent out an extra bedroom.  That will bring in additional income to help pay your mortgage payments.  Signs for houses for rent can be purchased at most any home improvement store and ads for homes for rent can also be placed in the classified section of the Louisville Courier-Journal.

2. Short Sell.  Perhaps there is enough equity in your home to sell it and pay off your loan.  If so, in order to keep your credit in good standing, this may be the perfect option - especially if you either can't afford to keep the house or don't need the investment anymore.  A short sell, or letting the bank take over selling your property, could be just what you need to relieve you from the burden of your mortgage payments.

1. Refinance.  Often, the solution to a pre-foreclosure or foreclosure situation is as simple as refinancing your loan.  In many cases, this can not only get your loan payments back on track but it can also assist in making smaller monthly payments and many times, in paying off the balances on other bills as well.

Are you in a foreclosure or pre-foreclosure situation? We want you to know that there are options available.  You don't have to lose your home.  Your credit score doesn't have to suffer.  We're here to help, offering real solutions for people in real situations.

~Kristopher Wissing
  SidCo Property Solutions - www.sidcollc.com
  Helping people get back on track - one family at a time!

Comments (0)