With the real estate market crash over the past year or two, the rate of foreclosure has skyrocketed. Many people opted into loans that they cannot afford anymore. If this is a reality for you, loosing your home is probably becoming a very real and gruesome prospect unless something is done...and fast!be paid in full, allowing you to be free of obtaining a foreclosure, as well as allowing the buye

As a result, I have crafted a list of 2 alternative options that may allow you to keep your home, or out least keep you out of foreclosure.

1) Forbearance Agreement

The entering of forbearance agreement is not the most attractive idea. What this means is that you come to some type of agreement with the lender that allows you to have an extended period of time to catch up on delinquent payments. This usually involves paying the delinquent amount in full by a certain date, or making arrangements to pay an increased monthly payment over an extended period of time until the amount owed is up to date.

Though this is not the prettiest option available it is a definitive way to avoid a foreclosure.

An important tip: Before entering into a forbearance agreement with a lender, be 100% sure that you can hold your end of the financial agreement up.

2) Short Sale

"What the hell is a short sale?" you might be asking yourself. Well, if you follow along I'll tell you.

A short sale is an agreement that is met between the home owner and the lender. The lender agrees to allow the home to be sold under FMV (fair market value).
What does this achieve?

This allows you to sell your home at a very sexy price allowing your lender to r to receive one hell of a deal.

This is a win-win situation for all parties involved. The only downside is that you are still out a home but at least you are not going to be tormented with a FORECLOSURE stamp on your credit report.

Do yourself a favor. Find a professional that might be able to offer a piece of enlightened financial guidance. There are plenty of groups, companies, and/or independent agents that are knowledgeable and experienced in this arena and have the skill set to help you avoid the nightmare of foreclosure.

More info on your stop foreclosure information search:

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