In some cases, reducing your monthly mortgage payment isn’t enough to help you keep your home. One of your best foreclosure alternatives may be to sell your home.

The most common options for selling your home to prevent foreclosure include:

  • Short sale: A real estate appraisal may confirm that your home will likely sell for less than what you still owe on your loan. In that case, we may approve a short sale. We would agree to accept less than your full loan amount but still consider your loan paid in full.
  • Loan assumption: If you find a qualified buyer who is willing to take over your mortgage, we may be able to transfer your loan to them. Even if your mortgage/deed of trust states that the loan is “non-assumable,” we may be able to make this exception to save your house from foreclosure.
  • Deed-in-lieu of foreclosure: You may qualify for this option if your home has been on the market at a fair market value for at least 90 days but has not sold. You agree to voluntarily turn over ownership of your property to us, and we agree to release you from your mortgage loan.

Keep in mind that all of these sales options will probably hurt your credit history. But you can usually start repairing your credit much faster than if you went through foreclosure.


Talk to a Howard Bank mortgage specialist right away. We’ll explain the best possible options for selling your home, minimizing damage to your credit and preventing foreclosure. Contact Felipe Rojas: or [email protected].