Are You Trying To Avoid Foreclosure?
Sadly, many people are struggling to make their mortgage payments. Maybe you’re saying, “How do I avoid foreclosure on my home?”
If you’re reading this article it could possibly mean you’re underwater on your home or having trouble keeping up with your monthly mortgage payments. This is something you definitely shouldn’t be ashamed of as many people can fall through hard times.
Thankfully, there are a number of things that you can do to avoid foreclosure. One of the most important factors to keep in mind is that moving quickly is absolutely paramount! Moving fast could save your credit rating and your home.
So let’s dive in on a couple quick tips on possibly how to avoid foreclosure with your home.
Important Factors On How To Avoid Foreclosure
Many people simply give up and walk away from their home. There are even areas of in cities 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 a 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 you for the unpaid portion.
Understanding the foreclosure process is crucial!
Even though the situation is stressful, thankfully you have options:
• Negotiate with your mortgage lender. Banks and other financial institutions are well aware that citizens 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.
Working With Banks During The Foreclosure Process
- Always keep in touch with the bank-Show them that you’re trying to get your house sold and call with updates.
- Don’t miss deadlines-If anything will be late, call with advance notice.
- Bankers are people too, so remember that-Don’t be too dramatic, but explaining your situation in a calm and collected manner while demonstrating your willingness to fix the problems, goes a long way.
- Keep careful records of every conversation you have with the bank-Nothing counts unless it is in writing. Make sure to keep track of each person you speak with, what they said, and any promises made.
- Explore all your options-as the homeowner, you have options when it comes to selling your house while in foreclosure. Some include executing a short sale, loan modifications, and bankruptcy. Depending on the details of your personal situation, you may be able to dramatically slow down the foreclosure process with enough effort. Each bank has its own policies to help borrowers avoid foreclosure.
- The most important thing you can do is not wait-Unfortunately, in this situation, time is not on your side. The further behind you fall back on your payments, the more options become scarce.
• 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 Ne and the country 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 let us 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.
Our Four Step Process Is Simple
At FastFlow Home Buyers LLC, we want to deliver expedient results. It’s no surprise that Real Estate transactions can get complicated. This is the reason why working with us beneficial. From our experience, we have honed in on a process that’s both fast and simple.
We’ve adopted an easy process for you to sell your home. Here are the following steps:
1. Contact us and tell us about your property
Reach out to us at 402-218-1996 for a no-obligation talk. We will then go over your situation and condition of the property. Only after we determine we are the right fit, we’ll move on to the next step.
After you provided the necessary information, and we have concluded that we are the right fit, we will give you an offer. Sometimes within hours!
3. Meet with us, contractors, and partners
If you are satisfied with our offer, we move on to the appointment. Usually one is sufficient. No need to worry about the hassle of continually opening your doors to multiple potential buyers. Most of which can’t or have no intention of buying your property. We do take a risk when buying properties so it is critical that a contractor gives us a detailed scope of work. Sometimes we joint venture with partners and they need to look at the investment as well. Still, one showing is all we need.
4. Get paid!
The last step is the simplest. After everything is settled and the transaction closes, you walk away with cash in hand!