Sell your Chandler real estate home Sell your Chandler real estate home | Page 2

Strategy #1: Work out a deal with your lender
The first strategy is called a “foreclosure workout”. In a foreclosure workout, you’ll sit down
with your lender and tell them that you don’t think you can pay your current mortgage
obligation but you’d like to figure something out so you can stay in your house and continue to
pay your mortgage.
Contrary to popular belief, lenders don’t want to foreclose! They want happy customers who
pay their mortgages, so lenders are often willing to work with Sell your Chandler real estate
home and homeowners to figure out a deal. This might include a temporary reprieve on your
mortgage payments, or it might include a catch-up strategy where your outstanding mortgage
payments are spread out so you can catch-up and pay them off, or it might include a
restructuring of the outstanding amounts that you owe.
Strategy #2. Bankruptcy
Filing for bankruptcy may seem like an extreme measure but it is one of the “tools” in your
foreclosure avoidance tool belt. When you file for bankruptcy, you indicate to all of your
creditors that you are no longer able to pay your bills. Filing for bankruptcy will put a stop to
the foreclosure process because all creditors must stop the collection process.
Filing for bankruptcy, though, is a little extreme: it may require you to sell off some of your
assets in order to pay off your creditors. And, a bankruptcy will remain on your credit score for
many years, which could impact everything from getting a loan to getting a car… even getting a
job. So this shouldn’t be your first line of defense!