For many homeowners, foreclosure is still a very real threat. When you have a financial setback, it can be difficult to keep up with your mortgage payments.
If you want to avoid foreclosure on your home, here are 5 alternatives:
1. Mortgage Modification
If you have started missing payments, you might be eligible for a Home Affordable Modification. A mortgage modification is an agreement between you and the lender to change the terms of your loan so that it is more affordable. A mortgage modification can help you avoid foreclosure, and you might even be able to to stay in your home.
(For those who aren’t in danger of foreclosure, and haven’t missed payments, but who are having trouble refinancing, HARP might be able to help with that. I’m going through a refinance through HARP right now.)
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