If you are facing foreclosure and already know that keeping your home is not an option you need to call your lender to discuss these possibilities:

• Sale: If you can no longer afford your home, your lender will usually give you a specific amount of time to find a purchaser and pay off the total amount owed. You will be expected to use the services of a real estate professional who can aggressively market the property.
• Pre-foreclosure sale or short payoff: If you can't sell the property for the full amount of the loan, your lender may accept less than the amount owed. Financial help may also be available to pay other lien holders and/or help towards some moving costs. You may qualify if:
  • The loan is at least 2 months delinquent
  • You (or your real estate professional) can sell the house within 3 to 5 months
  • A new appraisal (obtained by your lender) shows that the value of your home meets HUD program guidelines

• Assumption: A qualified buyer may be allowed to take over your mortgage, even if your original loan documents state that it is non-assumable.
• Deed-in-lieu of foreclosure: As a last resort, you "give back" your property and the debt is forgiven. This will not save your house, but it is less damaging to your credit rating. This option might sound like the easiest way out, but it has limitations:
  • You usually have to try to sell the home for its fair market value for at least 90 days before the lender will consider this option
  • This option may not be available if you have other liens, such as other creditor judgments, second mortgages, and IRS or state tax liens

More info on your stop foreclosure information search:

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