Options When Housing is no longer Affordable
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.
The mortgage company allows the homeowner the sell the home for less than what is owed on it. This option can be utilized before the Sheriffs Sale. Prior arrangements need to be made with the mortgage company before the official sale of the home.
The mortgage company allows you to give back the deed to the home in exchange for forgiveness of the debt. This must be done before the Sheriffs Sale. The mortgage company may require you to have the home listed on the market for a period of time before considering this option.
Sale of Home
List the home for sale. This can be done before or after the Sheriffs Sale. However, to prevent the foreclosure from going on your record, the sale must be complete before the Sheriffs Sale date.