5 Ways to Avoid Foreclosure
1) Organize your loan documents and set up a case file.
If you have missed a mortgage payment or you are about to, the first thing you should do is get organized. Gather the records related to your home and put the important documents in a file.
This will include your loan documents, like a copy of the mortgage. You should also include:
your monthly billing statements
a record of the payments you've made
escrow statements (if applicable)
property tax information
2. Contact your lender as soon as you realize that you have a problem Lenders do not want your house. There are options available to help borrowers through difficult financial times. 3. Know your mortgage rights Find your loan documents and read them so you know what your lender can or may do if you can't make your payments. Ask about the timeframes and laws related to foreclosure by contacting the HOPA- Home Owner's Protection Act.
4. Prioritize your spending Keeping your house should be your first priority after healthcare. Review your finances and see where you can cut spending in order to make your mortgage payment. Look for ways to reduce your electricity usage, eating out and downsizing. Delay new major expenses until you have paid your mortgage. There are companies like Drewber Solutions to help you get your finances in order.
If all else fails, you might still be able to avoid a foreclosure by selling it.
Selling your home to avoid a foreclosure. If you have equity* in the home, you can sell it and use the difference to pay off the mortgage loan. Contact a real estate expert to find out how you can pay off your mortgage debt and avoid foreclosure. *equity- the difference between what the property is worth vs what you owe.
If you'd like to start the process or want more advice feel free to contact us at 676-6767 at 1 OAK Bahamas or email us at email@example.com