There are 9 Options you have available to avoid Foreclosure:

The timeline for a foreclosure can vary greatly from one month to 5 years or longer! I have spoken with people who are late on their first mortgage payment and are already receiving the Notice of Default. I have met with other people who have been living in their home for free for several years because the bank either hasn’t gotten too it yet, or it fell through the cracks or some other issue regarding the bank.

Naturally, if you are living in your home for free, keep doing so. I can’t blame ya. Just be aware that the free train will eventually stop and action will need to be taken.

The timeline goes like this:

Notice of Default -> Notice of Trustee Sale -> Auction

What happens at the auction? The auction can be postponed or cancelled; otherwise, the property will be sold to a 3rd party or the bank.

So to Avoid Foreclosure, you have some options and here are 9 of them.

Your Options

1. Bring the Loan Current or pay it off in full
2. Loan Modification or forbearance (negotiation with the lender)
3. Refinance
4. Sell it to a Realtor or Sell it Yourself
5. Sell it to an Investor (Like me) Fast Cash and preserve your credit.
   
6. Bankruptcy Chapter 7. You can not file Chapter 13
   
7. Deed In Lieu Of Foreclosure (Let The Bank Potentially Take It Back)
8. Shortsale
9. Nothing at all and let the foreclosure occur which will further destroy your credit. It will also prevent you from getting another loan for