4 Major Tips for homeowners facing foreclosure:

1. If someone will buy you out…take it!!! You save on losing your built up credit and it will allow you to save your credit score to get a house once things turn around. If you allow your house to go to foreclosure not only do you ruin your credit but it makes getting a house again much more difficult and you have to wait sometimes at least 5 years.

2. Set up a lease to own with potential homeowners. Others might be looking to get into a home of their own and instead of you losing it all you can lease to own and they will pay your mortgage and if things get better you at the end of the lease may even have an option to get your house back if they were not to purchase.

3. Worse case just rent your home. There are plenty of people looking to have a place to live because they are in the same situation as you are and need a place to live. They still want a house and are willing to rent. Let them pay your mortgage while you get financially back on your feet.

4. Don’t let the banks and mortgage companies bully you. Be a negotiator and find ways to work a deal for banks and mortgage companies to assist you.

Here is a great link that shows you what banks and mortgages companies are doing and how they are negotiating:

Homeowners and Banks