Avoiding Foreclosure...What is your Exit Strategy ?

Avoiding a foreclosure on your credit is something you should try to avoid, sometimes
it is unavoidable. When your loan modification does not work in your favor, you really have a few options left,  deed-in lieu, Foreclosure, or Short Sale.

Isn't really at this point is to try and salvage your credit? Short Sale is less damaging  on a persons credit then a Foreclosure. The turn around  time period in buying a home  after a short sale is less of a time period then a Foreclosure would be.

Doing a Short Sale there is a possibility that the lender may forgive the debt and waive a deficiency judgement, of course this would be up to the lender to approve this.

Avoiding a Foreclosure and salvaging your credit is something you want to consider when
your options for keeping your home and the modification did not work. Have an exit strategy.

Best wishes
Christina

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