Number one! First and foremost, you need to be proactive! Get on the phone and talk to the mortgage company. Let them know your situation. Making them aware can only help. Running away or hiding will not. There is no reason for embarrassment. Almost everyone on the planet will face hardships and trying times. You are not alone. The most important thing to do is to face them head-on. After admitting there is a potential for foreclosure, it is time to address it. Preserve your home. Foreclosure is a complex and expensive process. Lenders do not want to go through foreclosure anymore than you do. All it takes to avoid it is the assurance that you are serious about making the loan payments. So be proactive. If you know a payment is going to be late, call the lender and let them know. Most lenders will give you the benefit of a doubt if you are upfront with them from the get-go.
If you receive communication from the lender, return the call or letter. This demonstrates a willingness to work out the issue and get back on track.
Things you can do to prevent foreclosure there are many unexpected circumstances that can cause people to fall behind in their loan payments. The first step is to evaluate your priorities. Example: missed credit card payments will affect your credit history, but missed mortgage payments will affect your credit history and cause you to lose your home.
Short term options: maintain candid communications with the lender. They cannot help you if they are unaware of the situation.
Altered repayment terms: it is possible to bring an account up to date after a series of missed payments. Some lenders will allow you to increase your monthly payment in order for you to catch up on those payments you missed in the past. This is a great option if you are able to make the higher payments for a short period of time.
Reinstatement: reinstatement means repaying the balance of missed payments by a date specified by the lender and the homeowner. This option is best for the homeowner who is now able to pay the back payments in a lump sum.
Forebearance: forbearance is the act of delaying payments until a resolution can be agreed upon. This process allows more time for the homeowner and the lender to discuss the options and come to a conclusion that works for both parties.
Reevaluation of terms: it is possible that the lender will reevaluate the terms of your mortgage and make adjustments to fit your needs. Even if you are unable to make up back payments, it may be possible to extend the mortgage for a longer period of time. The lender could also reduce payments through alternate methods.
Fha assistance: you may be eligible to receive a one time loan from the fha insurance fund if the loan is between 4 and 12 months past due and you are able to return to full loan payments. This opportunity requires the homeowner to sign a promissory note. Hud will institute an interest free lien in the amount of the loan that will be due when the house is sold or when the loans are paid off.
Put your house on the market: in the event that there is no possibility of meeting mortgage requirements, it may be necessary to sell your home and pay back the remainder of the loan. Refer to your lender and request that they give you enough time to sell the property before foreclosure. Here is our company in dallas. We will pay cash for your house.
Relinquish the deed: before resorting to this option it is prudent to attempt to sell the property. In fact, some lenders require this. Depending on the situation, some lenders may forgive the debt when the deed is relinquished. Although not to the extent of a foreclosure, this action will have an effect on your credit report.
Bankruptcy: bankruptcy is not usually a good option. It is usually is a last resort. Although is clears away your creditors, it now leaves you with a foreclosure and a bankruptcy on your credit report.
Time is your enemy lenders can begin foreclosure proceedings within 2 months of missed payments. The more time that goes by, the higher the risk, penalties and other fees will be. That is over and above the accrued interest! Be proactive. The sooner you ask for help, the easier it will be. Act quickly and decisively. We are standing by to assist you!
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