How To Avoid Foreclosure A New Solution In A Slumped Economy – Vancouver Foreclosures

31 October, 2010

In the media-driven falling economy we have seen today, house foreclosures are everywhere. Gas and grocery prices are going up, spending is down, and many are unable to make the payments on their home to avoid foreclosure. If you are faced with this problem, it can be very scary quick-witted you need to avoid foreclosure.

If you can’t obtain the payments on your home, you may decide to sell. Unfortunately, the buyer’s market may not allow your home to be sold before you stop being able to make the mortgage. Many families find themselves needing to sell their home for a smaller one to avoid foreclosure, only to find out that the buyer’s market is here and selling isn’t doing too well. These tips should help you ride out the storm until your home sells and you are actually able to avoid foreclosure.

If you have somewhere else to stay, such as with family or on another property that you gain, there is a very good way to avoid foreclosure. Consider putting your house out for rent. Although many people today are too scared to take out a loan for a modern mortgage on a house, a wide variety of large companies are having no problems paying the rent for their top employees.

CEOs and top executives that are forced to travel their families around the country for their business need new homes to live in, and these are completely paid for by their company. Thus, when you rent out your home, you may very well find that a large handful of company representatives jump on the offer and accept. When you are trying to avoid foreclosure, this may feel heaven-sent and a true relief.

Another gigantic thing about putting your house out for rent to avoid foreclosure is the amount of offers you are likely to receive. While offers on purchasing your house may be few to none, it is not the same with homes for rent. Speaking with my current mortgage broker and a good friend of mine, I learned this was true. In the same pickle as many Americans today, she keep her home on the market fearing no one would buy at this time. She was right.

Then came an idea to put her home up for rent, at least to hold the money flowing in so she could avoid foreclosure on her house. She then decided to rent out her home while she moved into a smaller one. Placing an ad on Craigslist, my mortgage broker found that people were absolutely clamoring to buy!

Within two days she had six serious inquiries. In a time of frustration and financial desperation, she was the one able to choose among others hoping to win her home, and avoid foreclosure by collecting the rent! Speaking with my mortgage broker about this, she told me something that didn’t sound even possible in such an economy. One woman located in Vancouver called and offered full cash on the location, only to be turned away because a local man physically got there first!

This miraculous method to avoid foreclosure struck me as just what many Americans were searching for. If you can’t make the payments on your home, renting it out will keep it in your hands. You won’t be able to live there, but you will avoid foreclosure until the market recovers.