What are some alternative solutions if you don't qualify for a loss mitigation option?

• Watch out for prepayment penalties on your current loan and factor those into your decision. • My experience: refinancing took about 2 months, so be prepared for some waiting time. • Refinanced my high-interest personal loan with a lower fixed rate from a credit union, slashing my monthly payment and saving thousands long-term.

All have costs. Moving, new home purchase all have costs. Keep in mind all check credit and prior housing payments will definitely be checked to rent. (12 months typically) If you were behind a larger deposit will likely be needed to rent.

- Consider timing the market: If you have the flexibility, list your house during a seller's market to get the most out of your equity. - Factor in emotional attachment: Selling your home can be bittersweet. Factor in the emotional toll alongside the financial benefits. - Research closing costs: Get quotes for realtor fees, title insurance, and other closing costs to ensure an accurate estimate of your net proceeds.

• Consider short-term rentals: If you live in a tourist area, consider platforms like Airbnb for more flexibility and potentially higher income, though it may require more management effort. • Screen tenants carefully: Conduct thorough background checks and reference checks to minimize the risk of bad tenants. • Factor in hidden costs: Be sure to factor in vacancy periods, repairs, and property management fees when calculating your potential profit. • Emergency fund is key: Have an emergency fund set aside to cover unexpected repairs or tenant issues.

The difficulty with this choice is maintaining 2 properties if you move. The one moved to and the house you are retaining. The renter would have to be reliable or it could add to the problems

• While bankruptcy offers a temporary pause, explore the long-term impact on your credit score and future financial goals.

• Don't underestimate the power of a supportive guide. Having a housing counselor explain your options and advocate for you can be a game changer. • Sharing my story with a counselor helped me see a clearer path forward. Talking through challenges can lead to unexpected solutions.

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