Help to Avoid Foreclosure
There are many
reasons why a person can get behind on their mortgage payments.
The question is how to get caught up again so you can avoid
foreclosure. Here are some important things to think
- Getting caught up again as quickly as possible can be the key to avoiding foreclosrue and saving your immediate financial future. You might think about digging into your savings or investing, taking some money out of your lines of credit or borrowing from a family member.
- No matter what you do to solve the problem, make sure that you are in communication with your lender. Remember: the bank does not want to foreclose on your loan -- they want you to pay your loan. Often, a lending institution will work with you to divide the amount that you are in arrears into small monthly amounts that will be added to your payment structure until it is paid off. For example, if you miss a $900 payment, perhaps your lender will work with you to add $90 per month to the next 10 payments (plus interest and fees, of course) until you are caught up again. Some lenders will “forgive” one month’s payment and add the amount back into the principle of the loan. depending on your lender's flexibility they may have options for you. Remember the lender wants you to aviod foreclosure too.
- This may be the time to sit down with a financial professional and take a look at your situation. You might have bitten off more than you can chew with this property. Do you need to refinance? Should you think about selling? Does your state have home equity lines of credit that can help you get out of the hole you’re in? It’s important to remember that each of these solutions have serious drawbacks. You’ll need to have a caring professional on your side to help you sort out your options.
Avoid foreclosure now!
Whatever your foreclosure
situation is time is against you. The sooner you discover
your options, the easier it may be to stop your foreclosure.
Please enter your zip code in the field below to find foreclosure
help in your area.
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