If you are like most home buyers, buying a home is the most important business transaction of your life. When things take an unexpected turn financially, it can be a stressful and anxiety producing situation. Banks are not afraid to take advantage of distressed home buyers. That’s why it is important to know how to help yourself if you are facing foreclosure. 

There are ways you can leave the monthly mortgage payment and constant home repairs in the past yet still keep your good credit. If you are wishing you didn’t have a mortgage or the continuous upkeep of owning a house, read on to find ways to wave goodbye to the house and the mortgage. 

Get ready to wipe the dust off your feet and move on. Consider these options:

Rent Your Home

Just because you can’t pay your mortgage doesn’t mean that someone else doesn’t want to. There are many qualified renters with good credit who cannot buy a home because they do not have a job with a W2 or do not work full time. Renting your home can bring in a bit of additional income depending on the location of your home and the amount of your mortgage payment. 

In addition, this is a good way to continue building equity in your home while finding somewhere cheaper to live. Housing is a financially good investment that tends to go up in value if you’re in a good location.

You can rent your home out on your own using lease forms online that you can print off or you can hire a real estate company or lawyer to screen clients and choose a renter for you. There are also managing companies, usually real estate agents, who will accept the rent payments and manage the upkeep and maintenance of your home while you have renters.

Sell: Put Your Home on the Market

As long as you are not upside down on your mortgage, meet with a real estate agent to discuss the market in your area. Real Estate agents have a sense of what is going on in your community and whether your home could sell quickly on the open market. If you price your home in a competitive price range and the market is hot, there is no reason you shouldn’t be able to sell your home in a few months’ time. 

3rd Party Buyer Program

A third-party buyer in Houston may consider purchasing your home. This can prevent you from going into foreclosure and save your credit from years of negative marks. FacingForeclosure.com, works with a company that helps sell your house to financially-strong third-party buyers in Houston, Texas who want to pay cash for your home and take care of your past due mortgage payments.

This is a different kind of option to prevent foreclosure. You can make the process of selling and moving more efficient by letting a 3rd party program pay your mortgage while you move out.

Short Sale

Your lender might be willing to sell the home for less than the balance due on the loan. In today’s world, banks understand that they may not get the full payment for the mortgage, especially if you are upside down on your loan and owe more than the home is worth. Call your lender to discuss this option. 

Deed in Lieu (Cash for Keys Program)

This option gives the property rights of the home back to the mortgage lender.  It has a less negative effect on your credit score than a foreclosure. Often the lender will pay up to $3000 to you to cover your relocation expenses. 


As you can see, there are many ways to physically get out of your home and financially get out of your mortgage. There are good alternatives to going into foreclosure. Because of the current covid crisis, many banks and lenders are willing to work with consumers who are struggling because of the pandemic. Two of these programs are short sales and cash for keys programs. (There are other programs available to help you stay in your home if that is your goal.) 

There are also ways to pay the mortgage in full by letting a 3rd party buyer sell your home or by selling or renting your home. Getting a good result by renting or selling depends on the location of your home and the amount of your mortgage in relation to the value of your home. 

Seek Counsel

If you have trouble finding a solution among the available choices, consult an experienced real estate foreclosure attorney who is familiar with all of the possible programs available for your situation. If you don’t want to face foreclosure and the resultant bad credit, you need to reach out and get help when something becomes too much to handle on your own. A knowledgeable attorney can counsel you as to what is best in your unique situation and get you pointed in the right direction.