More Methods to Avoid Foreclosure

The following two methods are very effective ways of evading foreclosure:

5. One time loan from the FHA – If you as the homeowner have an FHA loan, you may be able to obtain a one-time loan from the FHA, making the loan current and is placing it as a lien on the property, which would need to be paid back should the property be sold or refinanced in any way. This is known as getting a partial claim. You need to contact the FHA directly in order to obtain this one time payout to get caught back up on the mortgage.

6. Selling to a private investor or friend/family member – If you can, selling the home to an outside party and leasing or renting the property from them can be a very beneficial arrangement for all concerned and will certainly help you to avoid foreclosure on the home. Using this method, the foreclosed loan on the property is cleared, allowing you to use someone else’s good credit to get a new loan. It can also let the victims of foreclosure stay in their property. Another option is to try to flip the property quickly out on the market in order to make a profit.