Foreclosure Prevention - Saving your credit.

Preventing Foreclosure - When housing is no longer affordable.

During this time, the best thing for you to do is to stay in contact with Mortgage Center. This is important to prevent the foreclosure of your home, if at all possible. Unfortunately, it may not mean keeping your home, but will allow you to “spare” your credit, so that you may purchase a home in the future when your situation improves.

There are different options available to you when you no longer have enough income in the household to support the mortgage and all other bills. These options assist with preventing the foreclosure, but do not mean keeping the home.

Short Sale:

This is an option where you sell your home for less than what is owed on it. This option can be utilized before the Sheriff’s Sale. Prior arrangements need to be made with Mortgage Center before the official sale of the home.

Deed-in-Lieu:

Mortgage Center may allow you to give back the deed to your home in exchange for “forgiveness” of the debt. This must be done before the Sheriff Sale. We may require you to have the home listed on the market for a period of time before considering this option.

Sale of the Home:

List the home for sale. This can be done before or after the Sheriff Sale. In order to prevent the foreclosure from going on your record, the sale must be complete before the Sheriff Sale date.

You have up until the date of the Sheriff Sale to work out arrangements with Mortgage Center. If you can re-establish sufficient income before that date, then options that involve keeping your home become available to you.