Creative Foreclosure Solutions

Posted on December 8, 2010

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Sometimes you can be creative in finding ways to keep your home from being taken by the bank.
 
A deed in lieu of foreclosure transfers the title from the borrower to the lender.
Sometimes the lender will offer the borrower the option of a deed in lieu of foreclosure over a short sale. But a deed in lieu is more helpful to the lender, though of course in the borrower has equity in the property, they could sell it instead.
 
But of course, foreclosure is the last resort. It gives you a negative credit record, and of course there may be further repercussions by your mortgage servicer. It is important to be proactive.
 
Sometimes the mortgagor can reinstate the loan by selling the property to another buyer during a pre-foreclosure period, sometimes at an amount less than the full monies owed.

See Axsmith.net for more information. For foreclosure, real estate and elder law legal help, call Christine Axsmith at Axsmith Law

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