Once a property enters pre-foreclosure there are a number of ways the owner can avoid having their property foreclosed on by the lender. Property owners should keep the lines of communication open with their lender to understand options which may keep them in their home. This may include a forbearance or a repayment plan.
Sometimes the best solution is to sell the home, especially if you have equity in the property. If you do not have equity you may need the assistance of an experienced short sale real estate agent to work with the bank to sell as a short sale.
Depending on the mortgage type it may be possible to sell the home and mortgage directly, before the bank officially forecloses. This type of purchase does not require as much capital as other foreclosures.
If your home is currently in foreclosure there may be a better solution than allowing the lender to foreclose on your property.
Contact Aluxety to discuss no-cost solutions including a short sale or a quick cash sale to a local investor.