Is it possible for someone to take over your payments and you avoid foreclosure? There are several problems that arise which make it difficult, unless the person taking over the payments is a family member who doesn’t mind doing the favor of making your payments. The mortgage contract was made between you and the lender and there isn’t a way for you to simply let someone take over payments and get you off the hook. However, before foreclosure if someone buys the home from you, there might be a way for the mortgage company to pay off your portion and create a new mortgage with the new party.
Foreclosure is worse then bankruptcy because you are actually losing something of value, your home. It usually takes 110-120 days or more for the foreclosure process to be completed. Most loan documents (Deed of Trust) have a power of sale clause authorizing the lender to conduct a foreclosure auction to sell the defaulted borrowers property. If there is no cure of the default, a Notice of Foreclosure Sale (NFS) is recorded. You figure and report gain or loss from a foreclosure or repossession in the same way as gain or loss from a sale or exchange.
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