When facing foreclosure on a home, certain options are available to delay the process. Because both parties, the homeowner and the lender, have an interest in avoiding foreclosure, the odds of succeeding in postponing a foreclosure are good, especially with the right choice on what to do next. Possible options include:
1. Loan modification. Negotiating with the lender for partial payments, principal reduction, or trial payments during a specified period can stave off foreclosure. This is the best option for the homeowner, as it means keeping the home under reduced payment terms.
2. Short sale. In a short sale, the lender accepts payment for less than the value of the mortgage to transfer the home to a new buyer. Submitting a valid purchase and sale agreement can persuade the lender to postpone foreclosure.
3. Bankruptcy. Filing for bankruptcy might seem like something to avoid, but it is preferable to foreclosure. In some bankruptcy cases, it can even be possible to keep the house if the homeowner is current with mortgage payments. When considering filing for bankruptcy, it is advisable to consult with an attorney.
About Yuriy Shor: A graduate of Georgia State University, Yuriy Shor successfully postpones multiple foreclosures each month as a Case Negotiator at the Secure Law Center in Atlanta.