Keep a copy of your letter and any accompanying documents.
Stay home during the prevention process because if you move, you may not be able to benefit from certain types of assistance. If you rent your home, it will no longer be your primary residence and will become an investment property. Most likely, this situation will prevent you from benefiting from any other additional assistance that your loan servicer may provide to try to resolve your problems. If you choose this route, make sure that the amount of rent received for renting is large enough to help you get a loan and make payments.
Consider giving up your home without facing foreclosure Not all situations can be resolved through the foreclosure prevention programs established by the lender that handles your mortgage. If you are unable to keep your home, or do not want to keep it, consider the following options: Sell your home: If you are listing your home or have a pending sale contract, your loan servicer may postpone the Process of the execution. This modality can work if the amount obtained from the sale of the property is enough to pay the entire loan balance plus the expenses related to the sale of the house (such as the commission of your real estate agent). Selling your home under these conditions also allows you to avoid late fees and legal costs; In this way, you can also prevent your credit history from being damaged and allow you to protect your net worth from the amortization or accumulation of mortgages on your property. Sale at a loss or at a discount: It is possible that before starting the foreclosure procedure, the loan entity that manages your mortgage will allow you to sell your home on your own and agree to forgive you the difference between the sale price and the balance of your mortgage. By using this option, you can prevent a foreclosure from being recorded on your credit report that damages your credit rating. You may have to pay the taxes levied on the forgiven amount of your debt. For more information, consider consulting with a financial advisor, accountant, or attorney.
Deed in lieu of foreclosure: In this option, you voluntarily transfer your property title to the loan entity that manages your mortgage (with the prior agreement of the entity) in exchange for the cancellation of the balance of your debt.