1) Do Nothing - You can live in denial and think that everything will just go away. The reality is that it won’t just go away. The bank will continue to foreclose on your loan and your home will be sold to the highest bidder. You will be left with nowhere to live and no credit to start over with.
2) Find a way to Stay - There are many options here, but they are best used when you had a temporary situation that put you behind and you are now back in control. Always make sure you can afford the additional payment.
3) Sell - This is your best option if you really cannot afford the home. If whatever caused you to fall behind has not been resolved and you don’t see things changing, you need to move on in the way that serves you best.
Deed in Lieu of Foreclosure - When you give the property back to the bank instead of waiting out the foreclosure process.
Sell on the Open Market-
FSBO- You can try to sell it yourself, but if you are already in the middle of the foreclosure process you are playing with a ticking time bomb. Can you really afford to waste time trying to sell your home?Realtor- You can list your home for sale with a Realtor who will know what to price the home at to ensure a sale within the time you have. Your home will be advertised to a wider audience of potential buyers and everything will go more smoothly with the knowledge a Realtor has.Sell on a Short Sale - A short sale is when the bank agrees to accept less than what is owed. It is the ideal option if you have no equity, meaning you owe more than market value. Even if you have some equity, a short sale could be the right choice for you. Banks won't negotiate with just anybody. A Realtor can get better results than someone without a Real Estate License. Be sure to get one who is designated as a Short Sale & Foreclosure Resource. That means they are trained to help and have experience with short sales. Sell To an Investor - If you need to sell quickly, this can be a good option that can put cash in your pocket. Just make sure you know who you are dealing with and that you understand what you are signing.
