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Published on Jun 21, 2009
Distressed homeowners, the ones facing foreclosure, need to consider the various foreclosure exit options available to them when in or facing a foreclosure action. These options depend to some extent on whether there is equity in your home or whether you want to save your home in spite of the lack of equity. The exit options (instead of letting your home go by failing to defend the foreclosure action) include (in no particular order) the timely defense of the foreclosure action together and then finding an exit from the action through a modification agreement, forbearance agreement, short sale, walk-away or abandonment, recapturing the hidden equity or other use of your home during foreclosure, paying off your credit card debt, purchasing a lower-valued home with your hidden equity, defending the action until you can sell the home to capture its present (or later) value, or until you can find the money to bring the mortgage up to date. This video is Part I of a 2-part series and provides some preliminary information a homeowner facing foreclosure needs to be able to analyze exit strategies, then lists the main exit strategies. Part 2 provides more detail about each of the foreclosure exit strategies. You can search for my related videos by searching for "CEPersVid" and "foreclosure".