The current recession is affecting everyone in America, particularly in the real estate market. There are more houses for sale right now than ever before. Many people bought houses that they could simply not afford because they used a lender that told them they could qualify for a much bigger loan. The words "too good to be true" are often being heard now when discussing the problems related to just that. The homeowners as well as the lenders are both responsible for this problem but it has had a great affect on the real estate market.
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Many people are losing their homes to foreclosure because they can not afford their mortgages. This is due to the rising of interest rates, the higher unemployment rate and savings that have been cut in half by the stock market. What should you do if you are facing foreclosure? This article will discuss ways to avoid foreclosure from being creative within the real estate market or perhaps getting help from a Plano Texas bankruptcy attorney or Plano bankruptcy lawyer.
If you are facing possible foreclosure of your home, you are probably desperate to find a solution. Before this happens, you may be able to save your home. One option is to put it up for sale for a price that would help it to sell very quickly but still earn you some money. This is appropriate for those who have maybe been in the home for several years where even with the lower market, could sell it for more than they bought it for. Getting a good real estate agent at this time is imperative to getting your house to sell quickly and for the best price. If that does not happen because the market is so saturated with available homes, then having a short sale may be a good alternative to avoiding foreclosure.
A short sale is done when the homeowner is in financial stress and needs to sell the home quickly. The sale price is for less than the homeowner is paying the lender on it currently but it would be a way to avoid foreclosure. Short sales tend to be a lot more complicated than a regular home sale so this should only be done after you try to sell your home the traditional way first.
If you still are earning a steady income and have not lost your job but took out mortgage that was too high for you, you may be able to get help from a lawyer that specializes in bankruptcy law. They can guide you through possible ways to avoid foreclosure whether it is filing for Chapter 7 or Chapter 13 it may be something to consider in these desperate times.
Another option is avoid foreclosure is to do a variety of things to make money. This may be taking a second job to selling many of the things in your home on Craigslist or on eBay for the best price. Sometimes, desperate economic times, call for desperate measures but a little creativity could help you to avoid foreclosure.
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