The Bank is Threatening to Foreclose – What’s the Best Way of Letting My Home Go?
The Bank is Threatening to Foreclose – What’s the Best Way of Letting My Home Go? If you live in New York, and are currently dealing with the threat of having your house foreclosed on, there are several non-retention options for you to think about. What is a Non-retention Option? Sometimes, no matter how hard you want to stay in your home, the circumstances just no longer work for you. This is when people threatened with foreclosure look at non-retention options. In “bank speak”, non-retention options are ways you stop a foreclosure process by giving up the right to your property. These options include: A Voluntary Sale A Voluntary Short Sale Deed in Lieu Cash for Keys Consent to Judgment of Foreclosure Abandonment A Voluntary Sale One of the most obvious solutions to a home you can no longer afford is to sell it and move somewhere cheaper. But if you are in the middle of a foreclosure proceeding it’s not that easy. You’ll need permission and a formal...