There are basically 2 options regarding how lenders approach foreclosure - the final choice is usually based on the seriousness of the borrowers financial situation.

Your lender can give you Retention options ? which allows for you to keep your house.

OR

If you know you can't afford the property your lender can give you Liquidation options, which involves giving up the house without going into foreclosure.

Home Owners can lower their probability of foreclosure by being guided into the correct retention option. Freddie Mac studies show 80% of the homeowners who were properly counseled kept their homes while the other 20% that took no action or the wrong action lost their homes.

A quick list of Retention options offered by a lender include:

Forbearance ? allows borrowers to skip payments

Reinstatement ? allows borrowers to bring the payments to current status sometime in the future, usually with one lump payment.

Loan Modification ? The lender can restructure the loan to accommodate the borrowers financial situation.

A quick list of Liquidation options offered by a lender include:

Short sale ? this allows the homeowner to sell the house for less than the payoff ? The lender will acknowledge this as settlement.

Deed in lieu of foreclosure ? this allows the homeowner to voluntarily transfer title back to the lender.

Assumption ? This allows the homeowner to transfer the payments to another qualified buyer.

Which option to choose when facing a potential foreclosure, retention or liquidation, completely depends on you, the homeowner, and your unique financial situation.

Are you expecting your cash flow to improve in 1 week' 1 month' 6 months? Aren't sure? Have you been laid off of your job? Has your spouse been laid off? Will he/she return to work? Have you experienced unexpected recent financial burdens? The list goes on and on but these are the types of issues that will determine which foreclosure option to take.

Why not apply online with an experienced foreclosure company that focuses only on helping borrowers in trouble. You have a statistically higher chance of keeping your home by working with a foreclosure specialist that focuses on retention strategies.

This is extremely critical if you are anticipating the possible loss of your home because you can't meet your monthly payments, either temporary or longer term.

Why work with a specialist? Because you have a statistically higher chance of keeping you're home by working with a foreclosure specialist that focuses on retention strategies.

Watch Out For Foreclosure Scam Artists

Simply put, many 'professional predators' have built fortunes by taking advantage of the misfortune of others. There are numerous scams including predatory refinance loans, flipping, foreclosure prevention scams and equity skimming. All take advantage of the homeowner when they are most vulnerable and most likely desperate for a solution ? many see these predators as a 'light at the end of the tunnel?.
So, seek out only legitimate council regarding your individual foreclosure situation.

More info on your stop foreclosure information search:

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