Alternatives to Foreclosure
For many reasons, including those both practical and sentimental, the possibility of having to give up your home is a very difficult one to face. Foreclosure can be one of the most stressful events imaginable, and most homeowners will understandably do whatever they can to avoid it. Our counselors recognize what distressed homeowners are going through and we take great pride in being able to offer them not just much-needed accurate information and unbiased counsel, but also perspective and compassion at a time it is most needed.
We understand that your house is more than just an investment. It’s where memories are made, children are raised, future life plans dreamed up… it is so, so much more than just a mortgage, it’s a home. So, when distressed homeowners reach out to HPF’s housing counselors for assistance on how to possibly prevent foreclosure, we look at every conceivable option available to them to try to help them find a sustainable solution to stay in their home. And we take great pride in our success rate. Seventy percent of those who were counseled by HPF reported that they were still in their homes one year later, having successfully avoided foreclosure.
Regrettably, however, holding onto the home may not be feasible for every caller — but that doesn’t necessarily mean foreclosure is inevitable. There are alternative options, including:
Short Sale: Under this arrangement, the homeowner and lender agree to sell the home for less than the balance due on the loan.
Deed in Lieu: This option gives the property rights of the home back to the lender; it has a less negative effect on your credit score and may include borrower relocation assistance.
To learn more about these alternatives to foreclosure, please call our Homeowner’s HOPE Hotline at 888-995-HOPE (4673) today — our counselors are available every hour of every day to answer your questions and explain your options. When staying in your home is no longer an option, they have the requisite experience, expertise, and compassion to help you figure out the best path to exit the home and put this difficult time behind you. They can also help you begin the process of getting back on your financial feet.