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options provide alternatives to foreclosure.
Attending Foreclosure Auctions
If no refinancing, repayment or loan modification plans ultimately work out, foreclosed homes head to public auctions. Former owners may attend auctions to submit bids seeking to reclaim their home before third-party investor sale. However, former owners rarely prevail against cash investors at auction. Still, attending lets you witness the process and state your intentions directly to any winning bidders.
Take urgent action as soon as mortgage difficulties arise by communicating with lenders directly, working with housing counselors and formally applying for assistance programs that avoid foreclosure filings. Refinancing or selling the home also remain difficult but potential options of last resort before losing the home.
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