I know you’ve probably been trying to avoid it like the plague and it may seem like your worst nightmare, but let’s consider for a moment the brighter side of foreclosure.

First of all foreclosure can save you money and aggravation. If you legitimately can’t afford your mortgage payments and an expert has confirmed that foreclosure is your best and only option, then stop breaking your back to make payments that are out of your reach! Instead, you can refocus your energies on saving money to pay off other bills that are affordable and plan for a future investment.

On the other hand, it’s understandable that one of the most traumatic aspects of foreclosure is the idea of losing your investment and the home you’ve grown attached to. Keep in mind that from start to finish the process of a foreclosure in New York City can take up to 450 days. The law states that should you acquire the money to satisfy all outstanding payments at any point during this process, the bank is required to accept it and reinstate your mortgage.

In other words, a foreclosure process can actually help you save your home.

Other options include: a) Consulting with an expert on how to balance your budget so you can actually begin to afford your mortgage payments or b) Negotiating a loan modification or payment plan with your lender. Foreclosure will buy you time to set this in motion.

Finally, in today’s volatile housing market, it’s unfortunately not uncommon for one’s home to be worth less than what is still owed to the bank. If this describes your situation, experts suggest that you should consider foreclosure if the equity you have in your home, the value of your home subtracted by the amount still outstanding on your loan, is less than 25% of the total market value.