8 ways to save your house from foreclosure

  1. Personal Loan: You can contact your friends and family who may be willing and able to help out with a personal loan that would allow you to get back to good standing with your lender.
  2. Loan Modification:  You can work with your lender to modify your loan, often this involves tacking the delinquent amount onto the backend of the loan, this route requires  a lot of paperwork and your lender’s approval to qualify for loan modification your lender will usually require three basic qualifications before they will even consider a loan modification these three qualifications are:
    • You must be employed and making 2x (two times) your monthly mortgage payment per month but less than 3x (three times) your monthly mortgage payment per month.  They won’t allow you to make more that this or you may not qualify for their assistance.
    • You must be current on all of your taxes
    • You can not be filled for a loan modification more than 2x (two times)  in the last 12 months 
  3. Keep as a Rental: You can move out of the property rent it out to a tenant use your monthly rent to pay your mortgage and then apply the difference (cash flow) made to pay down your delinquent mortgage balance
  4. Bankruptcy: First and foremost we are not attorneys and this is not legal advice, but we can refer you to a bankruptcy attorney if this is a route you would like to explore. Chapter 13 bankruptcy can allow you to stop the foreclosure proceedings by establishing a repayment plan for all of your debts 
  5. Renovate and Sell: You can renovate or rehab your property and then sell it on the market to get absolute top dollar for it. 
  6. Listing with an Agent As-Is: You can list your home for sale on MLS with a real estate agent as – is , if you don’t have or know a real estate agent we know many great agents that we can refer you to.
  7. Cash Offer: You can get a cash offer from an investment company, these typically entail buying the house as is, meaning you don’t need to fix anything up, closing whenever and is the most convenient option for you (typically in as little as 21 days but can be done in 7 days if needed), and the investment company paying all the closing costs.
  8. Creative Financing (Subject To / Owner Financing): You can sell your house through creative financing to competent investment companies. Most investment companies have a cash offer program but don’t have the ability or the knowledge to provide creative financing offers, these types of offers often come into play when there is little to no equity in the property.