Facing Foreclosure? Know Your Options

Times are hard. The economy is struggling. People are losing jobs. Help for the unemployed is diminishing, and many are finding themselves among those facing one of the worse credit problems in America – the threat of a home foreclosure. Instead of burying your head in the sand, now is the time to weigh your options. The one you choose depends upon whether you want to remain in the house, or cut your losses.  The following is a list of some of your options.

If you do not want to move:

1. Short-sale with lease-back

Sale your home to a third-party, after the lender agrees to take less than the amount owed on the loan. Then, lease the home from the third-party who purchased it.

2. Re-finance

If you have made timely payments, and your credit is decent, you can refinance to a fixed note. Even if the fixed rate is a little high, you know that it will remain the same throughout the life of the loan.

Read the rest of the story at Empower Magazine.

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