Few, if any, homeowners plan to go into foreclosure. Should you be facing foreclosure then you are probably feeling a great deal of anxiety and confusion regarding your situation. Before you pay anyone claiming to stop your foreclosure thousands of dollars be sure that you have investigated all the possible ways to stop foreclosure and save your home. Foreclosure scams are on the rise and many homeowners (just like you) are desperate for a fast solution and are having their homes stolen from them by con artists. The following passages will tell how you can take charge of your situation, avoid scams and get out of foreclosure now.

Once your lender has filed a Notice of Default (NOD), you are in the process of foreclosure and your options become very limited. You will be given a short amount of time to stop foreclosure by bringing payments current and paying the cost of foreclosure filing. This is commonly referred to as reinstating the loan. Obviously if you had the money, you would be out of foreclosure. If the lender is not willing to work out an agreement with you, then you should consider the following: sign a deed-in-lieu; consider a short sale; or sell your home. At first glance none of these seem like they will keep you in your home, but two of these solutions may actually do just that.

Deed-In-Lieu

Under this solution you sign a notarized deed and hand your home over to the lender. This will stop foreclosure; however, deeds-in-lieu of foreclosure will affect your credit the same as a foreclosure. Your lender may also be willing to let you stay in your home until you find a new place to live. You should explain to the lender that if they were to continue with foreclosure you would still retain the right of possession of the home during the proceedings.

Sell Your Home or A Fraction Of It

Depending on the real estate market in your area, you may be able to sell your home and payback the lender. Ask real estate agents their opinion of the value of your home and how fast they think it will sell in your market. Carefully select your real estate agent, because they will greatly determine your ability to sell your home fast. You should probably look to hire the most prominent real estate agent for your neighborhood. Check with a local realtor association chapter to find out who that person is.

If your hardship is temporary, consider selling a fraction of your home to an investor or family member for the amount that will bring you current. This process will require the a real estate attorney, who can inform you and the investor of your rights and how to work out the future sale of the property. Keep in mind that the investor will be free to sell their fraction of the home to anyone anytime they wish. However, the sale of the home will have to be a mutual decision between you and the other party. If you are in a rising home market, this may be an excellent way to keep your home until your hardship passes. To find a eligible investor check with local business owners, doctors, lawyers, and local real estate investment clubs for individuals who have access to lots of cash.

Consider A Short Sale

Also called a pre-foreclosure redeemed, you and a real estate agent negotiate with the lender to sell the house to a buyer for less than what is owed on the mortgage. Many reputable real estate investors will do this for you and are experienced with the entire process. However, you should be cautious and before you sign any documents have a real estate attorney look over them.

Before you proceed with any of the solutions suggested above, you should fully investigate any realtor or investor that you are doing business with. Ask for at least three past clients and call them. You want to make sure you are dealing with someone who can help you and is comfortable dealing with the lender during this process. Have a real estate attorney look over any document before you sign it, and if anyone asks you to sign a "Quit Claim Deed" chances are it is a scam. Never sign over ownership of your home to anyone without having the lender paid in full first. Otherwise, you'll be on the hook for the full amount of your mortgage and you won't even own the house!

The solutions mentioned above are covered in much greater detail in this manual and over 20 other solutions are offered to help you out of foreclosure regardless of home equity, cash, or circumstances. To find out more visit www.foreclosure-help-book.com

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