Primary Residential Mortgage, Inc.
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Foreclosure is something that is inevitable. It can happen to anyone, especially when they least expect it. A lender notifies a buyer one month after the homeowner misses a payment. If in case the homeowner misses the payment consecutively for the next three to six months, the homeowner may begin to foreclose the house. Letting your mortgage be delinquent month by month can only add fees to your balance, making it far more difficult to catch up. But there are ways on how to prevent this from happening. Here are steps on how to prevent your house’s foreclosure.
Check Your Options
A foreclosure will certainly hurt your credit score if it’s not going to be fixed right away. It may even make it difficult for you to buy another home. On top of that, your lender might even sue you if the profits from selling your home won’t be enough to cover the unpaid portion of your loan. That’s why you need to know what your options are to help you with your situation. You may try asking other people for help or converting unused things into cash. However, these times are when scam artists would often target their next victim. Be careful of documents that you need to sign. Signing documents without reading it would give the scammers the title to your property, making you into renters. It would be advisable to get a certified broker’s advice before signing in any contract.
Talk to Your Lender
Ask your lender’s assistance and negotiate with them. Do it sooner, before your situation gets worse. Ask if they can work out a solution for your financial crisis. Do this before you’re already three or four payments behind. Being too far behind on your mortgage might give them less chances to work with your loan. You may ask them if you can make partial payments for a few months until your account gets current. Ask if you can reduce your payment or skip a payment or two until you can get the funds to get your account up to date. You can also inform them of what your future payment plans are so they’ll be informed.
Get Government Assistance
The U.S. Government is offering several ways to help homeowners who are facing foreclosure or those who are struggling with their monthly payments. MHA or Making Home Affordable Program is the current administration’s broad way to help homeowners avoid foreclosure. Homeowners can modify or even refinance their loan for lower payments.
The current administration offers two primary programs:
Home Affordable Modification Program
Eligible homeowners may have their loan terms modified or their monthly mortgage payments reduced.
Home Affordable Refinance Program
Homeowners may be able to refinance their mortgages into fixed- rate, low interest loan.<< Back to the list.