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Ask the Experts

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Q:
What options do I have besides foreclosure?

We recently bought a house and my husband lost his job with the airlines. We are not behind on the house just yet. I would like to know my choices. Can I turn over the keys to the bank? Or will the bank let me pay the interest until next spring or summer when maybe things are better? -Monica

Dear Monica,

Open communication may be the answer to your problem. Many lenders have policies in place to help people in your situation. Please call your mortgage company today.

Turning the keys over the bank is not a desirable solution. It would result in what is called “foreclosure.” This would negatively impact your credit for the next seven years and possibly prevent you from getting another loan during that time. In addition, if the bank sold the home for less than the loan amount, you may be responsible for the difference. My advice is to slow down a bit and analyze all of your options.

Best of Luck,

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