It’s easy to slip into panic mode when you’re faced with foreclosure, but stay calm and know that a variety of options exist. The key is to act early in the foreclosure process so you have more options available and can choose which one works best for you and your family:
Reinstate your mortgage by borrowing money to catch up on missed payments.
Negotiate a forbearance or payment plan with your lender.
Negotiate a mortgage modification with your lender to make the monthly payments more affordable.
Borrow from friends or relatives to catch up on missed payments.
Refinance your mortgage to pay it off completely with a new loan.
Sell your home (with the assistance of a qualified real estate agent) to cash out the equity and buy a more affordable abode.
Sell your home to an investor and buy it back on contract or via a lease-option agreement.
Sell your home to an investor and rent it back for several months or years. This is a great option if you want to remain in your home until your kids are out of school.
File for bankruptcy to liquidate assets, pay off as much debt as possible, and free yourself from unpayable debts or to restructure your debt to pay it off over a three to five-year period.
Offer the lender a deed in lieu of foreclosure to shed yourself of the property without having the foreclosure show up on your credit report.
Live in the house for free and move out just before eviction day, so you can save up a bunch of money in anticipation of moving. This approach can be a great option if you have little equity in your home and don’t really care about saving it.
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Source:http://www.dummies.com/how-to/content/foreclosure-selfdefense-strategies.html
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