The thought of losing your home due to foreclosure can be a devastating experience. If you’ve been late on payments or missed them altogether, foreclosure could be in your future. However, it doesn’t have to be. There are varieties of steps you can take to prevent foreclosure.
Contact your lender
In order to sort out the situation, you need to involve your lender as soon as possible so you can figure out the next plan of action and keep your home.
Set up a repayment plan
Usually, repaying your missed payments is the start of fixing the problem; that’s why contacting the lender is so important. Depending on what you work out, your repayment costs may only be a little bit more than the cost of your current mortgage.
Try to get forbearance
Depending on your specific situation, you may be able to put your loan in forbearance. This means, you could be allowed to make smaller payments or you could be free from payments altogether for about a year.
Modify your loan
This is also known as a loan modification. The plan involves reducing your interest rate, resulting in cheaper payments. This can help you get back on track and avoid foreclosure.
Refinancing your loan could also result in a lower interest rate, therefore, helping you keep you home. For example, if you have an adjustable rate mortgage that keeps going up each year, refinancing to a fixed-rate loan would be tremendously helpful.
Sell your home
Although this option is not ideal, it is better than foreclosure. When you sell your home, you have the chance to keep your credit score intact. CLICK HERE If you want to know the value of your home
There are never any perfect choices when facing foreclosure. But before you think all is lost, examine your options.
If you need to sell your home as quickly as possible, give us a call at 888.964.4070. We have a proven track record for selling homes faster than the average real estate agent.