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Prevent House Foreclosure with These Tips
Unexpected things may happen when you least expect it. Sudden expenses like medical bills, accidents, and calamities are some of the things that can happen to anybody. There may even come a time when you might be forced to sell your belongings and sometimes even your house. But how can you prevent that from happening? We’ve talked to several brokers and here are their tips.
Cooperate with the mortgage company or the lender. Talk to your mortgage company or your lender as soon as you can. They might offer you some way to catch up with your loan. Mortgage companies would want to work with you so take a chance to talk to them. They might have existing payment plans to help you with your situation or even defer a payment or two just to help you catch up. Negotiate with your mortgage company for other options. Check your monthly statement and look for their phone number. It would be best to call them when you’re only a few days behind on your bill. Calling them a day or two before your next due date can limit the options that they can provide you with.
Budget your income. List all your expenses and compare it to your monthly income. See if you’ll still have extra funds to pay your debt little by little. Save money by cutting down on unnecessary expenses like perhaps your cable TV service or your mobile plan. Check if there is a credit or housing counseling agency within your area to help you out. They may not be able to lend you money, but they can guide you on how to determine your budget and even provide you with possible solutions.
Check for other options. See if there are any other options for you to catch up with your loans. Contact your mortgage company for any short or long term solution to help you out with your mortgage.
Protect your credit score. Make sure that you pay your bills on time. It may not help you out with your mortgage now, but making sure that your credit score is good would guarantee that you can still ask another company to refinance your house.
Beware of scams. Some people would take advantage of others, especially those that are in need of help. A lot of scam artists are just waiting for people who has mortgage problems and can easily fall as their prey. They usually disguise themselves as credit counselors and offer you “financial options” that can help you out with your mortgage problems easily. Check if the housing counselor is legitimate to make sure that you will not be scammed. Your mortgage lender or an authentic housing counselor is the best people who can provide you with options to mortgage problems.
Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply.
This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.