How to Avoid Foreclosure
Find the Best Possible Outcome for Your Situation with iShortSale
Foreclosure comes with a range of negative consequences for both homeowners and lenders, so it is understandable that the involved parties will seek to avoid it. However, if you are facing foreclosure, it can be challenging to understand on your own what options you may still have. iShortSale focuses on helping you discover those options and take the path that leads to the best outcome possible for your situation.
- Foreclosure can mean eviction from your home, which can then lead to stressful circumstances as you try to figure out what to do next.
- An uncertain timeline for when you need to leave your home.
- Long-lasting damage to your credit, resulting in difficulty when you try finding new housing, credit, or even employment.
- You might still owe a deficiency balance even after the foreclosure sale of your home.
- You can miss out on opportunities available with other options (e.g., relocation assistance or leasing opportunities).
- Losing the ability to obtain a Fannie Mae mortgage for about 7 years.
How to Avoid Foreclosure
If you have failed to make payments on your mortgage loan or otherwise defaulted, you may find yourself facing foreclosure. But you still have several options.
A short sale allows you to sell your home for less than the remaining outstanding mortgage. This option comes with a range of possible benefits, including:
- Elimination of mortgage debt.
- Stopping foreclosure and its negative effects.
- Relocation assistance.
- Faster credit repair.
- Option for Fannie Mae mortgage sooner.
However, the process can be long and complicated. iShortSale can work on your behalf to negotiate and ensure a smooth process from start to finish with an optimal outcome. A short sale may be best for you if you are facing long-term hardship.
If you choose this option, it will be best to start sooner rather than later, as this won’t work as a last-minute option. A loan modification can delay foreclosure due to the bank being restricted from dual tracking. Dual tracking occurs when your bank continues with foreclosure at the same time as a pending loss mitigation application.
However, laws regarding dual tracking vary from state to state. iShortSale can help you understand what laws apply to your situation and choose the best path of action.
A forbearance occurs when your lender allows you to make smaller payments, or pause payments altogether, for a temporary period.This option may be best for homeowners who know they are facing only temporary hardship, such as a loss of job or unexpected healthcare costs. This option allows you to get back on your feet without encountering foreclosure in the meantime.
In some cases, you can avoid foreclosure by reaching an agreement with your lender in which they take the property back. This might seem similar to foreclosure, but it avoids the other damaging effects that full foreclosure can do to your credit and financial situation. A deed-in-lieu agreement does not show up on your credit, making future loans or property purchases easier once you are back on your feet.
Working With Professionals to Avoid Foreclosure
Every situation is unique, and a solution that works for one homeowner might not prove the best option for a different homeowner. iShortSale works with you to completely evaluate your situation, allowing you to follow the best path to avoid foreclosure. Our team of financial and real estate experts has paved the way for over 10,000 successful transactions so far. With iShortSale on your side, you can remove much of the stress and uncertainty around complex proceedings such as short sales, and instead obtain a result that minimizes any negative effect to your finances or credit.
Contact iShortSale Today
At iShortSale, our goal is to help you avoid foreclosure and all the negative effects that come with it. Contact us today to learn more about the benefits of having our team on your side to avoid foreclosure. We look at every aspect of your situation to engage in a fully-informed negotiation that has the highest chances of a result that benefits both the homeowner and the lender while avoiding the hassle and negative effects of foreclosure. Call iShortSale today to learn more.