Foreclosure is NOT your only option…

…In fact, it really shouldn’t be an option at all. A foreclosure can wreak havoc on your credit for years.

I think there has been a misconception that a foreclosure is the only way to save yourself from a mortgage you can no longer pay. This is far from the truth. As the homeowner, you have a right to negotiate a short sale with the lender. The lender will often accept a dollar amount less than the amount owed rather than proceeding with a foreclosure. Why you ask? It may benefit the lender because the short sale is usually faster and cheaper. It will benefit the owner because you avoid the negative credit effects.

A mortgage expert on Staten Island predicts thousands of homeowners here will be approaching a foreclosure situation. Take them time to educate yourself, read some articles, speak with a Realtor, a mortgage broker, and explore your options. By all means, do not give up and choose a foreclosure.