Foreclosure Alternatives

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What Is Foreclosure?

Foreclosure occurs when a mortgagor (the borrower) misses or fails to make mortgage payments to their lender. Basically, foreclosure terminates the purchaser’s rights to the property that is bought under the mortgage agreement. 

Foreclosure allows the lender to sell the property in what is known as a foreclosure sale. Foreclosure sales can either be managed by the courts, by the mortgage lender themselves, or through a third party.

What Are Some Alternatives to Foreclosure?

Facing foreclosure can often be intimidating. Fortunately, there are many different alternatives to foreclosure that may be available to a mortgagor. Some of these can help you avoid foreclosure, or at the very least, delay the process so that you can come up with mortgage payments.  

Some foreclosure alternatives include:

The availability of these different alternatives may differ according to jurisdiction. Also, only certain mortgagors qualify for some of these alternatives, based on their factors such as their credit history, financial income, etc. 

Do I Need a Lawyer for Foreclosure Alternatives?

As you can see, many different parties may be involved with each of these foreclosure alternatives. Thus, it is to your advantage to work with a foreclosure lawyer or real estate lawyer when negotiating for these options. Having a lawyer on your side can help prevent legal issues such as fraud or unfair bargaining arrangements. Also, if you feel that your rights as a homeowner have been violated, your attorney can help represent you in court during a lawsuit.

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Last Modified: 01-09-2017 02:54 PM PST

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