Sometimes the only way to stop foreclosure is to actually do so with the help of selling your home. A home that enters into foreclosure does so because the individual or the owners of the home have not made payment on their home for at least one month or more. The lender, or the older of the mortgage, is interested in making sure that they get their money for the funds that were borrowed to purchase the home. Therefore, if you stop making payments on your home, chances are good that you’ll have to pay your mortgage loan off in full by selling your home.
Sell My Home?
Unfortunately, you’ll need to look at the situation rationally. Are you able to make payments on your home? Even if you could get caught back up on payments, would you honestly be able to make the monthly mortgage payment each month or would it be a struggle from month to month? For many individuals, the fact is that the monthly payment is simply too high. For others, a loss of a job, an illness or some other reason why the funds stopped coming in is what causes them to be unable to pay back the funds that they owe.
If you won’t be able to make these payments on your home, it is a better decision for you to simply sell your home. When you sell your home, you’ll be able to use the funds from the sale of the home to pay off whatever you owe on the mortgage. You may have funds in excess that can help you to secure a new home, probably one that has less of a monthly payment. In addition by selling your home it helps you to save your credit in the process. Foreclosure will tear up your credit because it shows that you haven’t lived up to a very important financial obligation. This will remain a black mark on your credit for seven years at least. You’ll struggle to purchase a new home, to secure any line of credit or to secure a loan for any reason for those years.
While no one really wants to sell their home, sometimes it is an essential part of the process. To stop foreclosure so that you can at least get out with your credit intact, consider selling your home.