4 Foreclosure Alternatives: Avoid Leaving Your House Vacant

In the turbulent economic situation of the past decade, many people have found themselves laid off or underemployed. If you bought a house and committed to a mortgage payment, but have become unable to afford the payments, you’re probably facing the specter of foreclosure. Luckily, there are many alternatives to leaving your home vacant. We can help you understand these four.

Refinancing

If your credit is still decent and you have equity in your home, you may be able to talk to your bank about refinancing your loan. This can lower your payment and change the terms of your loan so that you can afford your monthly mortgage payments. Talk to your bank about this option and whether or not you qualify.Avoid Foreclosure

Renting Your Home Out

If your mortgage payments are less than or equal to the amount you could get from a renter, you could live elsewhere (with family or friends) until you get your financial situation sorted out. Obviously, this isn’t a foolproof plan in some circumstances. For example, there are expenses and labor associated with being a landlord. However, if you’re in a short period of financial strain or have another option on the horizon, this could help you avoid foreclosure.

Short Sale

Short sales involve getting a buyer quickly and a fast home offer in Massachusetts, or the area where you live. If you owe more than your home is worth, and bankruptcy isn’t going to solve your problem, getting a lender or mortgage servicer to give you an offer could help you save your credit. We buy houses quickly near Massachusetts and can help you with this option.

Bankruptcy

Bankruptcy can help discharge credit card and other revolving debt. There are two different chapters you can file, and the right option for you is best determined with legal counsel and research. All of these options can prevent you from leaving your home empty and are viable foreclosure alternatives, if your specific situation qualifies you to take advantage of them.