Many people is having a hard time making their mortgage payment while the housing market is still rebounding. If you are underwater on your home, having a tough time keeping up with your mortgage payments, you may be under stress and afraid you might lose your home.
Lucky for you, there are number of things that you can do to avoid this. You just have to take action as soon as possible to save your home and your credit rating too.
So lets dive in on a couple of tips on possibly how to avoid foreclosure with your home.
The Keys of How To Avoid Foreclosure | Don’t Abandon Ship
Many people easily gave up their homes. They walk away when they figured out that their house is possibly going through foreclosure. There are even a couple of area that looks like a ghost towns, as the economy has impacted residents significantly.
This indeed is a stressful situation, but it is very important that you wrap your head around it. A foreclosure will have a massive impact on your credit score. If your credit score suffers from this, it could prevent you from purchasign a house, getting a credit card or even getting a job in the fututre!
If you sell your house, you could leave a portion of the loan unpaid, and the lender could take legal action against your for the unpaid portion.
Lets talk about your options:
• Negotiate with your mortgage lender. Banks and other financial institutions are aware that people are struggling. If you have not missed any of your mortgage payment, you have the upper hand and should think about renegotiating the terms of your loan. Many banks will work with you since they dont like foreclosing on homes. You may be offered forbearance, or even a full loan modification.
• Ask for help from Uncle Sam. The federal government has implemented a number of programs to help struggling homeowners over the last 5 years. The Home Affordable Modification Program (HAMP) allows struggling homeowners to modify their loans, reducing monthly payments. They allow homeowners who are current on their mortgage payments refinance an adjustable rate mortgage into a low-interest, fixed rate loan. Both of these programs are subject to eligibility requirements.
We understand that the mere idea of losing your home is really frightening. But we want you to know that you are not alone. Citizens all over the US are going through the same situation. Foreclosure can have a huge impact on your financial life, it’s important to move quickly and take advantage of any options available. You could save both your credit rating and remain in your home.
We can help you avoid foreclosure… call us today and lets talk about your situation. We don’t charge any fees… we’ll evaluate your situation… and present your options so you can move forward and get this foreclosure behind you.