The last thing a homeowner wants to face is the possibility of foreclosure. Troubles with finances can happen suddenly and without warning, leaving a homeowner despondent over where to find enough money to pay the mortgage. Whether this crisis arises from an medical emergency of loss of employment, it is important to immediate consider your options so you don't lose more.
With regards to regaining your financial foothold and keeping your property, there are a number of alternatives homeowners can consider. Consulting with a loss mitigation specialist can steer you in the proper direction, so you can find your financial solution quickly and handle any mortgage and loan issues with care. Here are just a few suggestions on how one can intercept foreclosure:
With the modification plan, delinquent interest, taxes, and /or insurance payments are added to your unpaid balance on your mortgage. Homeowners who qualify for this program may be able to extend repayment of their past due bills over the remaining term of the loan.
Homeowners who can make the monthly payments on the mortgage may qualify for special government loans that create a second lien on their property for the unpaid amount. This money is then made payable to the US Government.
Foreclosure can wreak havoc on your credit rating. If you are in danger of losing your home and are unable to make payments, you have the option of selling before any marks can be made against your credit.
Different homeowners will qualify for different options to avoid foreclosure. Seeking the advice of a loss mitigation professional is a good step in preserving your property and your credit rating.