Getting served with a Foreclosure notice is not something any of us would wish for, but in today's economy it's becoming more and more frequent. The stress caused by an impending foreclosure can affect your health, both mental and physical, and that of other family members too.
So before you give up in despair, be aware of the fact that there are ways you can avoid foreclosure, saving both your home and your credit rating as well.
The first option is to refinance your mortgage. There are many lenders who specialize in taking on high risk and/or high ratio mortgages. Seek them all out, you may find a sympathetic ear, especially if you can present a plan of repayment that satisfies the prospective lenders criteria. You may not find the terms as favorable as your existing mortgage, but it may be the solution to your dilemma.
The second method you may choose to exercise would be to contact a private investor, some of whom would be willing to take over the payments on the property, thereby relieving you of the obligation. Although you would still be losing the home, you would be avoiding the stigma of a foreclosure, and there is always the possibility you could arrange terms with your investor such that you would continue to live in the home.
A third choice would be to find someone to rent the home from you at a monthly rental sufficient to service your mortgage commitment. This could involve renting out the entire property or only a portion, say a room(s) or a basement perhaps. This could possibly give you the required additional funds in order to continue keeping up payments on the mortgage.
Another way would be to sell then home privately, thus pre-empting the foreclosure. You may want to investigate private selling resources, so you can get away from having to pay a sizeable commission to a real estate agency. Many people have sold their own homes, there's no reason why you can't too!
Finally, there is the drastic step of bankruptcy. Many jurisdictions allow you to keep your private residence in this event. Check with your local authorities to be sure this is an option for you before you proceed with this final option.
Be sure you explore all possibilities before you give up your home to foreclosure. Remember how hard it was to get the down payment together to buy in the first place? It will be even harder after a foreclosure if you want to do it again. With some thought, and a little planning you can pull it off.
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If you would like more information about foreclosures go to: http://howsha.foreclosur.hop.clickbank.net/
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