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Tips for avoiding home foreclosure

If a New Hampshire homeowner is in a grim financial situation that might lead to a home foreclosure, a variety of methods can be followed to avoid such an outcome. Because each method requires different resources and actions, homeowners should take their time and consider consulting a professional before making a final decision.

Since foreclosures typically result from lack of resources, homeowners can attempt to pay off debt by liquidating valuable assets and drawing from retirement funds and similar sources. Although this method may be out of the question for some individuals, it can be a relatively straightforward way for some homeowners to get back on their feet. The process of bringing a loan current by paying off late payments, fees and other expenses is known as reinstatement.

While liquidating assets may seem like a quick and easy way to make an impact on debt, less disruptive options are available. By working with the organization that is servicing a loan, an individual may be able to pursue a short sale, repayment plan or loan modification. Other viable but more invasive strategies include declaring bankruptcy, seeking out forbearance and selling the property in threat of foreclosure.

Because of the complications generally involved with the foreclosure process, working with a legal representative who understands its intricacies may be an effective way for homeowners to make the most out of their current situation. Whether a homeowner wants to liquidate assets, pursue bankruptcy or seek out other options, having a specialist on board could be the difference between a homeowner keeping or losing a home.

Source: Realty Trac, "Stopping a home foreclosure", December 10, 2014

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