Prior to foreclosure,the homeowner has which options?

Question

Quizplus · Accepted Answer

All of these choices should be considered, as each option may have different benefits and drawbacks depending on the individual's circumstances. Departing from the property may be the best option for someone who cannot afford the mortgage and does not want to go through foreclosure. Declaring bankruptcy may help someone delay or even cancel the foreclosure process. Finally, arranging a short sale may allow the homeowner to sell the property for less than the outstanding mortgage balance, avoiding foreclosure and minimizing the impact on their credit score.

Prior to Foreclosure,the Homeowner Has Which Options