There are different options available to you when you no longer have enough income in the household to support the mortgage and all other bills.  These options assist with preventing the foreclosure, but do not mean keeping the Home.

 

Short Sale

 

The mortgage company allows the homeowner to sell the home for less than what is owed on it.  This option can be utilized before the Sheriff’s Sale.  Prior arrangements need to be made with the mortgage company before the official sale of the home.

 

Deed-in-Lieu

 

The mortgage company allows you to give back the deed to the home in exchange for “forgiveness” of the debt.  This must be done before the Sheriff’s Sale.  The mortgage company may require you to have the home listed on the market for a period of time before considering this option.

 

Sale of Home

 

List the home for sale.  This can be done before or after the Sheriff’s Sale.  However, to prevent the foreclosure from going on your record, the sale must be completed before the Sheriff’s Sale date.

 

During this time, the best thing for you to do is to stay in contact with the mortgage company.  This is important to prevent the foreclosure of your home, if at all possible.  Unfortunately, it may not mean keeping your home, but will allow you to “spare” your credit, so that you may purchase a home in the future when your situation improves.

 

You have up until the date of a Sheriff’s Sale to “work out” arrangements with your mortgage company.  So, if you can re-establish sufficient income before that date, then options that involve keeping your home become available to you.

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