There are over 60% of American with mortgages on their homes and millions of houses are foreclosed annually. This could only mean many people San Antonio] do not know hot to avoid a foreclosure. Find out how to avoid foreclosure in our latest blog post.
If you’re having trouble keeping up with your monthly mortgage payments, it is needless to say that a foreclosure is looming. Panic wouldn’t make you evade a foreclosure, instead you should proactive and opened to available options.
Thankfully, there are a number of things that you can do to avoid foreclosure in San Antonio. Never forget to consider that moving out quickly would save your credit rating and your home. Apparently, when all options fail, you’d be forced to move out, but this time with a poor credit rating.
Are you ready for our tips on how to avoid foreclosure in San Antonio with your home?
The Keys of How To Avoid Foreclosure in San Antonio Don’t Abandon Ship
Most of the time home owners choose to walk away from their home. There are even areas of San Antonio 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.
Yes, a looming foreclosure is a stressful situation, but you must choose alertness rather than let the situation sway you. A foreclosure will have a significant negative impact on your credit score, and likely prevent you from purchasing a home for years to come. In the same vein, selling your home while leaving a portion of the loan unpaid would mean legal action from your mortgage lender.
While it’s extremely stressful, you do have options:
• Negotiate with your mortgage lender. Banks and financial institutions are more aware of the struggles of citizens in a San Antonio more than you can imagine. You can leverage on this fact to pull negotiations with your mortgage lender especially if you haven’t missed a payment yet. Believe it or not, banks don’t want a foreclosure, and they are always considerate of their customers. this explains while they have forbearance programs, and loan modification schemes to avoid foreclosure on your home. You want to avoid foreclosure? start negotiations before a foreclosure is issued to you.
• Ask for help from Uncle Sam. In light of the obvious fact that millions of houses are lost to foreclosure.The federal government has put a number of programs in place over the last five years to help struggling homeowners. These programs include; the Home Affordable Modification Program (HAMP), and the Home Affordable Refinance Program amongst other programs. Although, these programs are subject to eligibility requirements, you can avoid foreclosure by taking advantage of them.
For example, The Home Affordable Modification Program (HAMP) allows struggling homeowners to modify their loans, reducing monthly payments. On the other hand, 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.
We understand that the possibility of losing your home can be stressful. You aren’t alone. Citizens all over San Antonio 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 your options so you can move forward and get this foreclosure behind you.