| 1. File Bankruptcy |
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Delays the auction date |
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You now have a bankruptcy on your credit and a higher monthly payment as well as a fixed budget determined by the court |
| 2. Borrow from Friends & Family |
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Temporary fix |
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Still have a high payment and you can’t access your equity |
| 3. Refinance |
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If you can refinance, it stops the problem temporarily |
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If you can refinance, you will have to go through a private interest lender that has expensive fees and high interest rates with large pre-payment penalties |
| 4. List it to sell with a Realtor |
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The house gets sold and the auction is stopped |
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It is a slow market and you have less than 90 days to sell, the average house is taking 4 to 6 months to sell, buyer's financing often falls through |
| 5. Forebearance with your lender |
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Delays the auction date and will cancel it as long as you make the payments |
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Lenders take a long time deciding, rarely do them, and usually require at least a couple of payments upfront to do it |