Options to Leave Your Home
If you don’t qualify for any of the workout options to keep your home and homeownership is no longer affordable, there are options to help you leave your home without the financial and emotional impacts of foreclosure. Talk with your lender about a short sale or deed-in-lieu of foreclosure today.
A short sale occurs when you and your lender agree to sell your house for an amount that is less than the full amount you owe on your mortgage loan, and you don’t have the funds to pay your lender the difference. This option allows you to avoid foreclosure, gracefully leave your home, and transition to more affordable housing.
A deed-in-lieu allows you to voluntarily transfer the title of your home to your lender. Usually you must try to sell your home for its fair market value before your lender will consider a deed-in-lieu. Additionally, there may be tax implications to consider if you pursue this option.
Foreclosure is a legal process where the lender attempts to recover the mortgage balance owed on a delinquent loan by selling the home. The foreclosure process is different in every state and the results can be devastating, emotionally and financially. It’s important you do all you can to avoid foreclosure.