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Ways to Avoid Foreclosure without Keeping your House

Liquidation Options will not help you stay in your home but it will release you of your mortgage obligation while minimizing the damage to your credit rating. A loan modification is never an option if you will not be able to afford the new payments realistically,you will not be approved because a bank does not want to go through a re-default in the loan, so taking measures to sell your home or work directly with the lender are sometimes a better option. 
 
Pre-foreclosure Sale (short sale): This option also known as a "short sale" allows you to sell your property, pay off your mortgage loan for an amount less than the total pay off of your mortgage loan to avoid foreclosure and minimize the damage to your credit rating (but it DOES effect your credit rating for about 2 years).
 
HAFA Short Sale : (Owner Occupied Only/Non FHA/Non VA) HAFA Short Sale is a Home Affordable Foreclosure Alternative program sponsored by the federal government under President Obama’s Homeowner Affordability and Stability Plan. You may be eligible for this option if you occupy the subject property as your primary residence and you do not qualify for a HAMP Loan Modification.  FHA-insured and VA-guaranteed loans are not eligible for this option.

Non-HAFA Short Sale : (Non Owner Occupied Only) This option may be the best solution for you if you do not occupy the subject property as your primary residence or you do not qualify for the HAFA program for another reason. The investor/owner or mortgage insurance provider for your loan may require you to make a cash contribution or sign a promissory note for all or part of the difference as a condition of the short sale approval.

Deed In lieu of Foreclosure slide. avoid foreclosure helpDeed in lieu of foreclosure (DIL): Under certain circumstances, this option allows you to voluntarily deed your property or the investor/owner of your loan to satisfy your mortgage loan. Completing a deed in lieu of foreclosure transaction will not save your home, but it may help your ability to qualify for another mortgage loan in the future. (THIS WILL STILL SHOW ON YOUR CREDIT)

 HAFA DIL: (Owner Occupied Only) HAFA DIL is a Home Affordable Foreclosure Alternative program sponsored by the federal government under President Obama’s Homeowner Affordability and Stability Plan. You may be eligible for this option if you occupy the subject property as your primary residence and you do not qualify for a HAMP Loan Modification. FHA-insured and VA-guaranteed loans are not eligible for this option.

Non-HAFA DIL : (Non Owner Occupied Only) This option may be the best solution for you if you do not occupy the subject property as your primary residence or you do not qualify for the HAFA program for another reason. The investor/owner or mortgage insurance provider for your loan may require a contribution from you as a condition of DIL approval. If a contribution is required, you may be required to sign a promissory note for the contribution amount.