Facing Foreclosure Soon?
When you fall See whether it makes sense to sell or keep your home.
Option 1: Try to Keep Your Home
If your income has recovered or your situation is improving, you might still be able to stay in the home.
Ways people do this:
Reinstatement: Pay the missed payments and bring your loan current.
Loan modification or repayment plan: Work with your lender to lower or restructure payments.
Forbearance: Ask the bank to pause or reduce payments for a short time.
Bridge refinance: Use a short-term loan to catch up and buy time to refinance later.
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Pros:
- Keep your home and credit standing.
- Avoid moving or starting over.
Cons:
- You need steady income or loan approval.
- Paperwork and lender delays can take weeks.
👉 If you still have time and income, keeping the home may be worth exploring first.
Option 2: Sell Before the Auction
If you can’t catch up or your lender won’t approve a plan, selling might protect your credit and equity better than a foreclosure.
Ways people sell fast:
Cash sale: Close in days, avoid repairs and commissions.
Novation / QuickDraw Retail Program: Partner with an investor to sell at near-market value.
Subject-To Sale: Let a trusted buyer take over your mortgage payments while the loan stays in your name, giving you relief fast and avoiding foreclosure.
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Pros:
- Stop foreclosure and protect your credit.
- Often walk away with cash or debt cleared.
- Fast closings possible — sometimes in 7 days or less.
Cons:
- You must move out.
- Offer amount depends on your equity and time left.
- Subject-to sales require a trustworthy investor and clear agreement.
👉 If your sale date is close, a fast or subject-to sale could be the safest path forward.
How to Decide
Ask yourself:
Can I realistically catch up or get approved for a plan in time?
Do I have enough equity to sell and walk away clean?
How many days are left before the sale?