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FORECLOSURE
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Short Sales and Deeds in Lieu of Foreclosure

Many homeowners facing foreclosure determine that they just can’t afford to stay in their home. If you plan to give up your home, but want to avoid foreclosure, consider a short sale or a deed in lieu of foreclosure. These options allow you to sell or walk away from your home without incurring liability for a “deficiency” -- the amount by which your remaining loan obligation exceeds the value of your home.

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How long do we have to sell our house before foreclosure?

We're a month late on our mortgage and my husband, who's self-employed, just had surgery and can't work for several months. We feel like our house is just more than we can afford -- we probably should never have bought it. We'd like to sell now rather than hanging on and risking foreclosure. How much time do we have in which to sell?

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If we’re foreclosed on, when do we actually have to leave our house?

We just got a Notice of Default from our bank and can’t afford to pay back what we owe. In fact, we’re so deep in debt that paying rent again is going to be hard. If we let them foreclose, how much longer will we be able to stay in our house?

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