As the housing market is picking up again, many people in Paducah and Surrounding Areas] are still struggling to make their mortgage payments and soon find themselves falling behind.
If you find yourself in a situation where your home’s value is less than your mortgage balance, or if you’re struggling to make your monthly mortgage payments, you might worry about the possibility of your mortgage lender initiating a foreclosure. Don’t lose hope.
Thankfully, there are a number of things that you can do to avoid foreclosure in Paducah and Surrounding Areas. It’s important to remember that moving quickly is absolutely vital to you and could save your credit rating and your home.
So, lets dive in on a couple of quick tips on possibly how to avoid foreclosure in Paducah and Surrounding Areas with your home.
The Keys of How To Avoid Foreclosure in Paducah and Surrounding Areas Don’t Abandon Ship
Many people simply give up and walk away from their home which is one of the worst ideas you can have. This doesn’t solve the problem but creates more problems. There are even areas of Paducah and Surrounding Areas that 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. Either you fix it up and take care of it or the city will seize it and get it into the hands of someone who will. They can even possibly sue you for abandoning your house.
This can be stressful situation, but what is extremely important is to keep your wits about you. If you go through a foreclosure, as I have said in times past and will say it again, this 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 possible the lender could pursue legal action against you 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 Paducah and Surrounding Areas 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. Don’t allow yourself to be found struggling. We can help. Especially if you haven’t missed a payment yet and know that it might be possible you aren’t going to be able to make the next payment, please don’t hesitate to give us a call.
• Ask for help from Uncle Sam. In the past five years, the national government has put into action various plans to assist homeowners who are facing difficulties. 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 to refinance an adjustable rate mortgage into a low-interest, fixed rate loan. Both of these programs will be subjected to eligibility requirements.
We understand that the possibility of losing your home can be stressful. You aren’t alone. Citizens all over Paducah and Surrounding Areas 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’s discuss your situation. We don’t charge any fees… we’ll evaluate your situation… and present you with options so you can move forward and get this foreclosure behind you.