While the housing market may appear to be rebounding, many people in Southwest ] are still struggling to pay their bills and make their mortgage payments.
If you’re currently underwater on your home (owing more than your home is currently worth) , or having trouble keeping up with your monthly mortgage payments, and bills, you could be fearful that your home is going to be foreclosed on by your lender. We know this can be a daunting task to even consider losing your home and one nobody wants to face.
Thankfully, you have a number of options that you can do to avoid foreclosure in Southwest . It’s important to remember that moving quickly to avoid foreclosure is paramount, and could save your credit rating, your sanity and your home.
So lets dive in a little deeper on a couple quick tips on possibly how to avoid foreclosure in Southwest on your home.
The Keys of How To Avoid Foreclosure in Southwest Don’t Abandon Ship!!!
It’s easy to understand why so many people simply give up and walk away from their home. Many feel completely helpless in this situation. There are some areas here locally where you are starting to see abandoned homes as the current economy has impacted many residents significantly.
Detroit is a prime example of what can happen when people abandon their homes and just leave an area. It can lead to blocks or even neighborhoods of vacant, vandalized, and boarded up homes, thus lowering property values even more.
Facing foreclosure is a very stressful situation, but it’s extremely important to keep your wits about you and try to look at the situation rationally and with what is the best interest of your family. If you do go through a foreclosure it will have a huge negative impact on your credit score, and likely prevent you from purchasing a home, car or other large purchase for years to come. A foreclosure could even affect your ability to find a rental. If you sell your home, for less than the amount currently owed to the lender they could pursue legal action against your for the remaining balance still owed.
So what other options do you have in this extremely stressful situation? You do have options:
• Try negotiating with your mortgage lender. Banks and other financial institutions are well aware that home owners in Southwest are struggling to pay their bills in this economy (all you need to do is turn on any news station or look online and you’ll quickly see how people are struggling everyday in the current economy). If you haven’t missed a payment yet, may be able to contact your lender. Not missing a payment may give you some leverage to try to renegotiate the terms of your loan. Banks don’t like foreclosing on homes, they have no desire to own property that they must maintain and pay taxes on, so many will be willing to work with you if you aren’t too far behind. You may be offered forbearance, or even a full loan modification.
• Ask for help from Uncle Sam. Over the last five years, the federal government has implemented a number of programs to help struggling homeowners. The Home Affordable Modification Program (HAMP) these programs allow struggling homeowners to modify their loans, reducing monthly payments to something more manageable. The Home Affordable Refinance Program allows 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 possibility of losing your home can be beyond scary and very stressful. However realize you aren’t alone. People all over Southwest as well as across the country are going through the same issue as you are. Foreclosure can have a lasting effect on your personal and financial life, and it’s important to move quickly and take advantage of any options available to you before it’s too late. While it may seem like it’s too much to handle and it’s easier to just give up. By taking swift action you could save both your credit rating and remain in your home.
We Buy Homes in Southwest Florida may be able to help you avoid foreclosure… connect with us today and lets discuss your situation and what options you may have and what will work best for you. We don’t charge any fees… we’ll evaluate your situation… and present you your options so you can move forward and get this foreclosure behind you.