How Can Someone Avoid Foreclosure?

How can someone avoid foreclosure? Read about the ways to avoid a foreclosure of your new home. One way is to contact the bank. Many times the bank will work with you on reducing your payment for a short...

One way is to contact the bank. Many times the bank will work with you on reducing your payment for a short period of time so that you can catch back up on your payments. Another way they can avoid foreclosure is what's called a short sale. Foreclosure many times happens because they may owe $150,000 on the house, but the house only has the market value of $140,000 so they can sell it and pay that difference. A short sale would be the bank realizes that the person owes more than the value of the house and many times the bank will come in and cover that difference rather than taking the house back in as a foreclosure.

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