Loan foreclosure is a sad event brought by a plethora of reasons, among them unemployment or job loss, inability to be employed due to medical conditions or body injury, excessive debts and change of marital status.
It's more difficult to face the days when your lender has sent you the Notice of Default. Hence, do not deny your lender the right to know what's happening to you financial wise once you become incapacitated in paying the agreed timed dues. To resolve the monetary squabble is easier when the Notice of Default has not been given yet, since it can potentially give you the chance to be considered by the lender and provided with a repayment schedule or plan.
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If the lender does not give you another chance to repay, however, the only option that you have to stop loan foreclosure is to sell your property. With this, contact reliable real estate agents who can walk you to the process of selling.
Real estate professionals know how to calculate the market value of the property and where to sell them easily. You can go to either a discount broker or a full-service broker. As the terms themselves imply, discount brokers ask for little commission percentage and offer cheap and limited services. Full-service brokers on the other hand give clients comprehensive marketing services and exposure, but charge with higher rates.
Aside from selling, you can also choose to short sale the property, provided that it costs less than the debts that you owe. Between foreclosure and short sale, the latter can give you better, although still negative, credit rating. Conducting a short sale too depends on the approval of the lender.
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