Facing foreclosure can be incredibly stressful. It’s a situation that disrupts your daily life, brings financial worries, and forces you to deal with the uncertainty of finding a new place to live and wondering how it’s going to impact your credit. Foreclosure is a last resort and there are several ways to avoid it all together.
While the housing market is rebounding, many people are still struggling to make their mortgage payments.
If you’re underwater on your home, or having trouble keeping up with your monthly mortgage payments, you could be fearful that your mortgage provider is going to foreclose.
Thankfully, there are a number of things that you can do to avoid foreclosure in Durham. It’s important to remember that moving quickly is absolutely paramount, and could save your credit rating and your home.
So lets dive in on a couple quick tips on possibly how to avoid foreclosure in Durham with your home.
The Keys of How To Avoid Foreclosure in Durham Don’t Abandon Ship
Detroit is a prime example of what can happen when people abandon their homes.
This can be stressful situation, but it’s extremely important to keep your wits about you. A foreclosure will have a huge negative impact on your credit score, and likely prevent you from purchasing a home for years to come. If you sell your home, you could leave a portion of the loan unpaid, and the lender could pursue legal action against your for the unpaid portion.
While it’s extremely stressful, you do have options:
• Negotiate with your mortgage lender. If you haven’t missed a payment yet, you may have some leverage to renegotiate the terms of your loan. Banks don’t like foreclosing on homes, and many will 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) allows struggling homeowners to modify their loans, reducing monthly payments. 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.
• Short Sale. A short sale is a real estate transaction where you sell your property for less than the outstanding balance on the mortgage, and the proceeds of the sale are used to repay as much of the mortgage debt as possible. This process is typically done with the cooperation and approval of the mortgage lender or servicer. You would usually need to qualify for financial hardship that would make it impossible to continue making monthly mortgage payments. This includes job loss, medical bills, divorce, or a sudden change in financial circumstances.
We understand that the possibility of losing your home can be stressful. You aren’t alone. Many people across North Carolina are in the exact same situation. Foreclosure can have a lasting effect on your financial life, and 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 may be able to help you avoid foreclosure… connect with us today and lets discuss your situation. 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.