Along the lines of renting is temporary donation. This is when a charity organization uses your house. They don’t pay rent, but you can get a tax deduction. Be sure to consult with an accountant to see if the tax deduction would work in your favor before choosing this path, though. Another option is to consider a short sale. This is when you sell the house for less than you owe, and must be approved by the lender. If you’re approaching foreclosure, you can also see if you can reach an agreement with the lender to call off the foreclosure and take back the deed. Your last (and I mean last ) option is filing for bankruptcy. While there are negative sides to this, such as its effect on your credit score, there are positive points as well. You’ll get several months in the house for free while the foreclosure-related liabilities get delayed. This gives you some time to save up some money and figure out your next move. It may be a painful decision in the moment, but sometimes, this is the best option in the long term.
HOW A GOOD REAL ESTATE AGENT CAN HELP
If at all possible, I want to save you from a short sale, foreclosure, or bankruptcy. While there are cases where these are unavoidable, they’re not always inevitable. That’s why I always recommend talking to an agent like me who’s an expert in expired listings. I can advise you from an unbiased perspective, which is especially important when you’re dealing with all the emotions and decisions during this stressful time, and I have the experience you almost certainly lack. Agents typically have strong networks, so by hiring a new agent, you’re gaining access not just to them but to a whole new group of people who may be able to help. This includes other agents with buyers who may not have seen your home, as well as attorneys, title companies, home inspectors, and mortgage consultants. In
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