If I Can’t Afford To Keep My Home, What Are My Options?
- There are many options available.
- You can sell your home and keep any proceeds above and beyond the closing costs and what you owe the bank.
- If your house is not worth what you owe, you can list the property and have the bank approve a short sale.
- There is also a deed in lieu of foreclosure, if you have no other liens on the property and only have one mortgage, the bank will let you deed the property back to them and you will not owe them any money.
- There is also a process called a graceful exit where the bank would pay you to leave the house so they wouldn’t have to go through the foreclosure process and be able to liquidate your home sooner than later and allow you money to be able to move
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