Dealing with Foreclosure

Here are two not-so-well known ways to deal with foreclosure that could allow you to keep your home. They are each very effective and serve as a way to avoid foreclosure.

Firstly you might want to consider a one time loan from the FHA. This only possible if you already have a loan taken out from them. If you do, make the loan current and place it as a lien on the property. This lien will need to be paid back if you ever sell or refinance the property. This method is also commonly known as a partial claim. Contact the FHA directly to ensure you obtain this one time payout and get caught back up on your mortgage.

If this is not possible, there are other options. Not many people are aware that you can sell your home yourself instead of the bank. If you have a good relationship with a private investor, family member or friend, you can sell the home to them and lease or rent it from them. This can be an extremely beneficial arrangement for all parties and allows you to sidestep the foreclosure entirely.