How to Stop Foreclosure, Sell & Stay
Struggles with your finances may lead to other accumulative problems with your property. If you have not paid your mortgage for three months, then you will find a default notice in your mailbox. This means that, without catching up with payments, you will move into foreclosure and will be required to move. For most, this has other impacting events that are difficult to overcome. If you want to reverse your conditions, then you can look at a way to sell & stay with your property.
The first step to sell & stay is to reverse your current conditions. You will want to find someone who can sell your home as is. Usually, this takes place as a short sale, allowing you to sell within 90 days. By using this option, you will be able to stop the foreclosure process. Your credit rating will move back into a positive rating and you will no longer be liable for the missed payments that are a part of your loan.
After you stop the foreclosure through a short sale, you will want to look at ways to stay. You will find programs that allow you to sell & stay through an alternative contract. The individual or firm who now owns your home can rent or lease the property back to you. This allows you to pay a monthly, market price based on the current rent. With this alternative, you will easily be able to stay in your home without the foreclosure issues remaining prevalent.
The sell & stay option not only has options for a basic rental. If you want to maintain your home for a longer period of time, then there is the option to buy back after a certain period of time. You will also find alternatives with the type of rental and lease agreements that allow you to plan a positive future in your home. Looking at the maintenance and financial obligations of the lease agreement ensure that you can find the needed options for your home.
You can easily change the outcome of a foreclosure process. If you want to remove a default without losing your home, then you can look at programs to sell & stay. There are different options that ensure you can keep your home while paying a lower, lease fee for your property. With this option, you will save your credit, financial obligations and your home.