Avoid Foreclosure – Facing Foreclosure?
If you are facing a foreclosure, there may be options to negotiate a workout program with your lender. To get help with a foreclosure you have to start by talking to your lender. Help is available if you are willing to workout a reasonable repayment plan with your lender, while this can sometimes be difficult, you may be able to save your home. They really do not want your house back. Let us cover some options that may be available to you if you are facing a foreclosure.
The continuing flow of creditors and collections agencies called you can be over whelming, while it may seem hopeless, you may have options. Starting with the most important, your home, the others may have to wait and be fixed later.
Lenders usually will offer several options to a homeowner that is in default on their contractual obligations of a mortgage payment. They would much rather workout a program that is best suited for all parties involved then to come and take your house. They are in the business of lender money, not managing properties.
The time that you have to negotiate a deal, is often very limited. Lenders can and will take legal action to foreclosure on your home if you are not talking to them.
Here are some possible solutions that you can offer to the lender to avoid foreclosure. While not all will be satisfactory to the lender, you can at least make the offer and let them tell you.
Reduced Payments
Lenders may be willing to take a reduced payment for a specific period, this will allow you to remain in the home and catch up the default amount over time. Some lenders will not allow you to do this, but it never hurts to try.
Payment Deferment
Some lenders may allow you to defer a payment or two, they tack the payments on the end of the loan and allow you time to catch up and stay current. This option is only just now beginning to become available as lenders are doing whatever they can to help avoid the foreclosure process.
While this article only covers a few options that may be available, call us at (403)879-6393 to book your Free Consultation and will tell you about author options, it may keep you from losing you home in the process. Keep in mind that a foreclosure will cost you money, even if you just walk away. The impact on your credit is substantial and will hinder your borrowing power for 7-8 years to come.
To book your Free Consultation, call (403) 879-6393.
Educating yourself is the first step of escaping foreclosure and maintaining life as you know it. So don’t put off another day – call now!
All consultations are completely confidential and absolutely free.There is no obligation required from you.