Have you fallen behind on your mortgage loan payments and you don’t know you will ever get caught up? If you are so far behind on your mortgage loan payments that you are considering filing bankruptcy or allowing the bank to foreclose upon the property, you might want to consider pursuing one of the other options that are available to you. Here is a look at a few of the options that you have.

Selling Your Home

If you are willing to put your home up for sale, the loan servicer may be willing to postpone the foreclosure procedure for a short period of time. Of course, this option will only work if you are able to sell the home for at least the amount that is still owed on the loan as well as the expenses associated with completing the sale. Clearly, this is the best option because it will keep your credit rating in tact while also allowing you to get out from under your debt. If the value of your home has decreased to less than what you owe, however, you will have to explore other options.

Short Sale

Another option you have for avoiding foreclosure is to sell your home through a short sale. With a short sale, the lender agrees to allow you to sell the home for as much as you can, even if that falls short of covering the amount of the loan. The lender then forgives the remainder of the loan. Although a short sale may still show up on your credit rating, it is not as damaging as a foreclosure. No prescription cialis In addition, thanks to the Mortgage Forgiveness Debt Relief Act of 2007, you don’t have to claim the forgiven debt as part of your taxable income, though you do have to report it to the federal government.

Deed in Lieu of Foreclosure

A third option is to voluntarily transfer your property title to Kamagra Soft the lending company.

In exchange, the company cancels the remainder of your debt. Although this will still result in the loss where to buy propecia of your home and you will lose any equity that you have built up in your home, this procedure is not as damaging to your credit as a foreclosure. Unfortunately, if you have other loans or obligations that are secured by your home, this may not be an option for you. If your home is free and clear from other obligations, however, your lender may be willing to work out this arrangement in order to simplify the process for them and to help you avoid going through the foreclosure procedure.

While no homeowner wants to lose his or her home, there are certain times when that is the only option that is left. By understanding these options, you will be better prepared to make the decision that is right for you while also keeping your credit intact.

Author Bio: Ryan Lynch is in charge of the marketing team for a real estate company specializing in Lake Travis waterfront homes. They also help buyers and sellers with Waterfront condos on Lake Travis and waterfront lots.

Category: Finance/Mortgage
Keywords: mortgage payments,foreclosures,what are my options