Help For Foreclosure In Boise – 3 Ways To Avoid Foreclosure

Few things are more devastating to families than the prospect of foreclosure. You own your home and you love it — it serves you well. Yet, due to unfortunate circumstances, foreclosure may seem imminent.

For local Idaho families facing foreclosure, the stress can be almost unbearable. Worse yet, the foreclosure process can take months or even years, stretching out the pain for longer than anyone wants.

Fortunately, you have options available to you here in Idaho — perhaps more options than you realize. There are many strategies that help for foreclosure in Boise; these are legal foreclosure avoidance strategies you can implement to help you resolve your foreclosure issue so you can get on with your life.

In this blog post, you’ll read about 3 ways that you can avoid foreclosure (there are other ways to avoid foreclosure as well). The goal of these strategies is to help you legally and ethically avoid foreclosure and reducing the pain and frustration that you’re facing, while minimizing any long-term financial commitment or burden to you. Not all of these strategies will apply in every situation but you’ll probably be able to find at least one of the three ways that will work for you.

If you want to dive deeper into the Idaho foreclosure process, check out our informative video series.

Are you looking to sell a property outside of Boise? We also buy houses in Twin Falls, Nampa, Payette, Mountain Home, Jerome and more. Reach out today to see how we can help you.

Strategy #1: Work out a deal with your lender

The first strategy is called a “foreclosure workout”. In a foreclosure workout, you’ll sit down with your lender and explain that you’re having trouble keeping up with your current mortgage payments — but that you want to find a workable solution so you can stay in your home and continue making payments.

Contrary to what many people assume, lenders don’t actually want to foreclose! They want dependable customers who make their payments, so they’re often willing to work with you to find a solution. This might mean a temporary pause on payments, a catch-up plan that spreads missed payments over time, or a full restructuring of your outstanding loan balance.

Strategy #2. Bankruptcy

Filing for bankruptcy may feel like a drastic step, but it is one of the options available in your foreclosure avoidance toolkit. When you file for bankruptcy, you notify all of your creditors that you are no longer able to meet your financial obligations. Filing for bankruptcy will halt the foreclosure process, since all creditors are required to stop collection activity.

That said, bankruptcy is a significant step: it may require you to liquidate some of your assets to satisfy creditors. It also stays on your credit report for many years, potentially affecting your ability to get a loan, finance a vehicle, or even land a job. For most homeowners, this should not be your first line of defense.

Strategy #3. Short sale help for a foreclosure in Boise

The third strategy is a short sale — this is where you sell your home and apply the proceeds toward the remaining balance on your mortgage loan. A short sale is a preferred option for many Idaho homeowners facing foreclosure because it is proactive, fast, and highly effective.

• It’s proactive, meaning you take control of the situation yourself — and that’s a major stress reliever, since so much of the anxiety around foreclosure stems from feeling like the process is completely out of your hands.
• It’s fast — in some cases, you can sell your home in as little as a week! That speed is also a benefit of working locally: you can get real foreclosure help right here in Boise, since companies like Idaho House Buyer have over 17 years of experience guiding Idaho homeowners through short sales.
• It’s highly effective because a short sale can eliminate — or nearly eliminate — the outstanding balance on your mortgage. If any remaining amount isn’t covered by the sale, you’ll be responsible for it, though you may be able to negotiate a favorable arrangement with your lender.

With a short sale, you will still need to leave your home — but there’s a meaningful upside: the impact to your credit is far less severe than a bankruptcy or foreclosure. That makes it a smart long-term move that keeps more options open for your financial future.

Want to learn more about your options? We’ve put together an informative video series that walks you through how the foreclosure process works here in Idaho.

Are you looking to sell a property outside of Boise? We also buy houses in Twin Falls, Nampa, Payette, Mountain Home, Jerome and more. Reach out today to see how we can help you.