You’ve missed a few payments on your mortgage and now your lender is requiring that you bring your account current or face foreclosure. While you have tried to work with the lender or come up with the past due money there is just no way that you are going to be able to bring your account up to date in time to avoid foreclosure. So what is your best option? During the time of a notice from the bank and the beginning of the foreclosure you are technically in preforeclosure. During this time you still have the chance to make small repairs, clean, and sell your home so that it sells for the best possible price. During this time you can find out how much your value is worth, calculate what you owe on a mortgage, and take your next steps with a qualified real estate agent.
Some homeowners opt for a short sale, rather than wait to see if their home sells for the full price of their mortgage. While a short sale might not always work in your favor (the bank may require you to pay part of the left over mortgage amount) it can alleviate some of the debt and avoid a foreclosure mark on your credit.
Even if the foreclosure process is initiated by the lender, you can still sell your home before the auction date. It usually takes two to three months for the bank to foreclose on you. That is still enough time to sell your home especially if you have a top real estate agent to assist you.
The bottom line – if you are facing foreclosure don’t wait. Be proactive and reach out to the lender for payment options or begin the process of selling with a trusted real estate agent. A foreclosure may seem scary and intimidating to navigate, but with the help of professionals you should be able to find the best option for you.