There are solutions to avoid foreclosure of a home, but this is due to act quickly, making decisions long before be no money to pay the mortgage.
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The first thing to do is to go immediately to the bank where we hired our mortgage, amicably find a satisfactory solution that suits our needs. The bank always going to be more beneficial to help us find a way to pay the mortgage and avoid foreclosure to pad your list of delinquent customers.
Among the different outputs that can be set with the bank to avoid foreclosure of the house, is to prolong the term of the mortgage, negotiating a lower monthly payment that fits our chances or agree to obtain a grace period, during which we would only meet the payment of the interest.
Another highly recommended option would be subrogated to the mortgage, which is a widely used system to avoid foreclosure, which is based on moving our mortgage loan to another financial institution that offers a kind of more favorable interest rate or refinance our mortgage with a more favorable conditions than today.
Other options to consider
If you have exhausted all possible avenues to avoid foreclosure, we have the sale of the home in order to pay the amount that remains. This way we avoid that housing is brought into court auction with consequent depreciation and loss of money involved.
In recent times, homeowners, through consumer associations are struggling to payment in kind, ie, the delivery of the property to the lender in exchange for cancellation of mortgage debt is accepted as a method protection in situations of imminent risk of foreclosure.