There are several options available in the market:

• Bankruptcy

Filing for bankruptcy is a legal process that temporarily protects the homeowner from foreclosure. The homeowner, with the help of an attorney, may work out a loan restructuring with the court and the lender. This could result in either saving the home or its eventual sale. While bankruptcy is often recommended by attorneys, it may be less common now with alternative solutions like Home Rescue Partners available.

• Loan Modification

A loan modification is when your lender agrees to change the terms of your mortgage due to financial hardship. This could include lowering your interest rate, reducing your principal balance, or adding missed payments to the end of the loan. However, this option can be temporary and may impact your credit. In many cases, it results in higher long-term payments and can make your mortgage more expensive overall.

• Hard Money Lender

Hard money lenders are private entities that provide loans, usually at high-interest rates (11-15%) and additional fees. While this can provide quick funds, the high-interest rates may make it difficult to afford, especially if you're already struggling to meet your current mortgage payment.

• Cash for Keys

Cash for Keys is an offer from a buyer who is willing to purchase your home at a substantial discount below its market value. In exchange, they offer you cash to hand over the keys and vacate the property.

Each option comes with its own pros and cons, and it’s important to carefully consider what is best for your unique situation. Home Rescue Partners offers an alternative that is tailored to helping you stay in your home with a manageable solution.