While the housing market is rebounding, many people in Lakeland] 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 Lakeland. 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 Lakeland with your home.
The Keys of How To Avoid Foreclosure in Lakeland Don’t Abandon Ship
Many people simply give up and walk away from their home. There are even areas of Lakeland have begun to resemble ghost towns, as the economy has impacted residents significantly.
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. Banks and other financial institutions are well aware that citizens of Lakeland are struggling. 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.
We understand that the possibility of losing your home can be stressful. You aren’t alone. Citizens all over Lakeland are going through the same troubles. 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.
One of the most crucial factors in avoiding or getting out from under foreclosure is making decisions quickly. Foreclosure processes are typically lengthy and slow, so if you plan to fight foreclosure through methods such as loan modification, you must act immediately. These processes can take over six months, and if you don’t have that much time, you need to consider solutions that fit within your timeframe. If you are less than 90 days from auction, it’s essential to take action—sell the house to a cash investor and walk away. Although it can be tough to accept a lower offer, it’s often better to take less than you want, save your credit, and use the cash to secure a new, more affordable place. Unfortunately, many people wait too long, decline offers, and then reach out the week before the auction when nothing can be done.
We understand that the possibility of losing your home is incredibly stressful. You aren’t alone—citizens all over Lakeland are facing the same challenges. Foreclosure can have a lasting impact on your financial life, so it’s vital to move quickly and take advantage of any available options. By acting promptly, you could save your credit rating and remain in your home.