Greetings Neighbors,

As discussed in yesterday's post, 'Homeowners in Foreclosure Do Have Options', we revealed five options for those who may be facing the situation of their home's possibly going into foreclosure. Well here are the other five options that owners may have.

Bankruptcy: Bankruptcy is often times seen as a quick fix to foreclosure which can be, depending on the situation. If a homeowner have debts that are not related to their mortgage but is causing them to be late with their mortgage payments and filing bankruptcy will alleviate these debts then bankruptcy may be a solution.

Refinance: This option is available if the homeowner's credit is still in good standing and if there is a sufficient amount of equity on in the property.

Servicemembers Civil Relief Act (Military Personnel Only): If the homeowner is an active member of the military and experience financial difficulty due to being deployed and can prove that is the reason for the debt he or she may qualify under the Servicemembers Civil Relief Act.

Sell The Property: If there's an adequate amount of equity in a property, a homeowner can list their property with an agent that comprehends the foreclosure process and sell the property.

Short Sale: This option is available when an homeowner owes more on a mortgage than what it's worth. When this is the case, he or she may hire a qualified real estate agent to sale the property through a short sale negotiation. To qualify, the homeowner must have some type of financial hardship and able to provide proof. Some hardships that will qualify include but are not limited to: Job loss, divorce, or excessive debt.