| Too many homeowners that are facing difficult times | | | | than a foreclosure and will not follow an individual |
| simply give up and allow their lender to proceed with | | | | around like a shadow that is impossible to escape |
| legal filings without trying to avoid or fight it. | | | | from. |
| If consumers realized that there are plenty of ways to | | | | Sometimes a home just cannot be sold in a |
| prevent bank foreclosure, the outcome could prove to | | | | reasonable amount of time, so it may be the best idea |
| be quite different and much more beneficial to | | | | to simply request a "deed in lieu of" foreclosure in |
| individuals and their families. | | | | which the home is simply signed over to the lender. |
| Aurora Lillo Editor of the "Best Loan Modification | | | | The mortgagor doesn't have to deal with the |
| Companies" website -- -- pointed out; | | | | expenses of legal filings and the mortgagee often is |
| "…Any mortgagee that is having a tough time making | | | | able to control the negative effects on their credit |
| their monthly payments needs to contact their lender | | | | report. Statistics show that most homeowners that |
| as quickly as possible. There are various loan | | | | move out using this method are much more likely to |
| modification programs and other options that financial | | | | leave the property in good repair, so lenders will often |
| institutions have that they can offer to their customer, | | | | allow it. |
| and it has been proven that the most open and honest | | | | "…While it is true that there are many different |
| communicators are going to receive the highest level | | | | possible methods that can be used to stop |
| of assistance. Government programs may exist as | | | | foreclosure, it is important to understand that each |
| well and are worth checking into…" | | | | specific situation and set of circumstances are going to |
| If the circumstances are so drastic that moving out of | | | | necessitate various courses of action. Because most |
| the home is going to be the only acceptable result, a | | | | homeowners can not reasonably consider themselves |
| homeowner can obtain approval from their lender to | | | | to be experts in the field, contacting a professional that |
| conduct a short sale. Such a process is simply | | | | can provide advice is perhaps the most important first |
| designed to enable the home to be sold for less than | | | | step. Qualified counselors can help an individual |
| the mortgage amount. While it may seem as bad as | | | | discover that alternatives do exist and are really not |
| losing a home, the simple fact of the matter is that the | | | | that hard to pursue…" added A. Lillo. |
| negative impact to a credit rating is much less severe | | | | |