Free Expert Consultation!

First Name*
Last Name*
I am a*

--select-- Property Owner Agent / Broker Lender Investor Media

Interested in*

--select-- Receive free consultation Short sell my property Keep property Buy property Employment opportunity Other

Street Address
City
State*

Select a State AlabamaAlaskaArizonaArkansasCaliforniaColoradoConnecticutDelawareDistrict Of ColumbiaFloridaGeorgiaHawaiiIdahoIllinoisIndianaIowaKansasKentuckyLouisianaMaineMarylandMassachusettsMichiganMinnesotaMississippiMissouriMontanaNebraskaNevadaNew HampshireNew JerseyNew MexicoNew YorkNorth CarolinaNorth DakotaOhioOklahomaOregonPennsylvaniaRhode IslandSouth CarolinaSouth DakotaTennesseeTexasUtahVermontVirginiaWashingtonWest VirginiaWisconsinWyoming

Zip
Email*
Phone*

Short Sale Information

Short Sale Articles

Avoid Foreclosure

If you’re one of the millions of Americans affected by the real estate crash, chances are you’ve looked into possible ways to avoid foreclosure. You may also have noticed that a lot of new alternatives have cropped up: loan modification, short sales, forbearance, deed in lieu of foreclosure. But at the end of the day, there’s no single answer to the question of how to avoid foreclosure. It all depends on your particular situation and how your bank decides to handle your case.

However, there are steps you can take to avoid foreclosure and increase your chances. This page offers a few useful tips.

Analyze Your Situation.

Are you already in default, or still current but at risk of falling behind? What would be a comfortable amount to pay monthly? Take an hour or two to go over your finances and see what kind of foreclosure help you really need.

Call Your Lender.

Even if you’re still current, you can start taking action by asking your lender for alternatives. Most lenders are more than willing to tell you how to avoid foreclosure, since foreclosing costs them time and money as well. Get as much information as you can and find ways to apply it to your financial situation.

Find A Compromise.

Whether you’re going for a short sale or a loan modification, you will need a clear idea of what needs to be changed to keep you on track. Consider working with a loss mitigation expert who can help you sort through your options. That way, when you make a proposal to your lender, they’ll see that you’re well-informed and offer more options to avoid foreclosure.

Have A Backup Plan.

It’s important to note that not all foreclosure prevention plans will work, and if they do, they may not always be permanent. That’s why you should always have a Plan B. If your first try doesn’t work out, make sure you know how to avoid foreclosure some other way.

Keep In Touch.

One of the biggest mistakes you can make is to just sit and wait while your application is under way. As well as finding ways to get out of your hardship (such as looking for new work or additional income), you should also maintain contact with your lender to see how the process is going. At the very least, it shows them that you’re determined to avoid foreclosure and are willing to cooperate.