Alan Brymer, from Your Home Advocate, outlines the options you have, and how to set up a plan to avoid someone else making the decisions that will affect you, your home, and your financial future.
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Your Options to Keep Your Home
Option #1: Forbearance Plan
Option #2: Mortgage Modification
Option #3: Reinstate Your Mortgage
Option #4: Refinance Your Mortgage
Option #5: Seller Leaseback
Option #6: Bankruptcy
Your Options to Sell Your House
Option #7: Deed in Lieu of Foreclosure
Option #8: Sell FSBO
Option #9: List with an Agent
Option #10: Sell to an Investor
Option #11: Short Sale
Make a Plan and Take Action
Step 1: Learn and Understand Options—our report lists and describes the 11 options to people. I also go over them in free consultations on the phone.
Step 2: Eliminate Unavailable Options—Cross off options that we know will be impossible, such as reinstating your loan if you have no money available, or doing a workout
Agreement if your lender has already said no.
Step 3: Prioritize Options—Rank the options according to your preferences, weighing the pros
and cons of each.
Step 4: Make a Plan—Write down your top options to try, and what specific steps you will take to try each of them. For example, to sell your house with an agent, you’d write: Research different agents, choose one, clean house, repair gutters, etc.
Step 5: Find Trustworthy Help—some of these options can be done by the homeowner alone. Others, if chosen, require the help of a professional. Your Home Advocate has done much of the legwork for you by prescreening and creating a list of trusted attorneys, lenders, real estate agents, and investors to refer you to.
Step 6: Take Action—Procrastination and fear cause too many foreclosures that could have been avoided. The longer you wait, the fewer options are available.
Step 7: Prepare for the Future—After solving the immediate problem, you need to take steps to rebuild your credit and your life. Save money and improve credit again.
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