What if you suddenly received a notice of foreclosure from your banker because of the missed payments to your home mortgage? Another way to put it is that, if you are not paying your real estate taxes, then chances are your home could be subject for foreclosure and auction by the local government.
You can successfully fight foreclosure. Here are some of the things that you can do to survive an impending foreclosure of your home.
Understand your options. Whatever you do, don’t ever ignore the notices from your mortgage company. They don’t enjoy foreclosure any more than you do – it’s expensive. Often, they will negotiate your payments, restructure your loan, or otherwise help you stay in the home.
Here are some of the workout options that your mortgagor might offer:
1. Pay the mortgage plus a little extra cash each month to cover the overdue amount
2. Reduce your mortgage payments for a short time.
3. Modify the loan to make it more affordable, such as lower the interest rate or extend the length of the mortgage.
4. Repay the past due amount over several years, add it in to the mortgage balance and spread it out over the life of the home loan.
Leave without getting fleeced. Leaving your home might be the best way ti avoid foreclosure in some cases, but you can still choose how to go.
1. The lender may temporarily halt the foreclosure to give you time to sell your home. Selling may be a tough choice, but it’s better than the bank seizing it.
2. If the property is worth less than the amount due on the mortgage, the lender may agree to accept whatever a market sale brings, called a short sale, and forgive the rest.
3. The deed in lieu is a last resort. This allows the homeowner to essentially hand the property over to the lender. By doing this, you skip both the sale and the foreclosure process. Unfortunately, you lose any equity you have in your home as well as any legal arguments against the lender.
Contact your lender as soon as possible to work out a plan and save your home from foreclosure. Follow up every phone call you make to them with a letter on what you discussed, and keep a copy for yourself. Don’t sit back and wait for the answer. Stay in contact with them until you work out a deal.
Seek expert help. As always, you aren’t alone in this fight to save your home from foreclosure. In this case, you might need the help of an attorney or a housing agency. These experts can also help you apply for financial assistance like utility programs, emergency home repair, tax abatements, which could cover your other bills while you make mortgage payments.
Beware of people who contact you offering to get you out of foreclosure, or buy the property from you. There a lot of advertisements that I’ve seen offering homeowners to buy their properties that are subject for foreclosure. Get trustworthy advice from a housing counselor or reputable attorney before you agree to any offer.
For most of us, our home is one of the most expensive investments that we had. Let’s save it from foreclosure.
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