Take a deep breath. You may have fallen behind on your mortgage payments for one reason or another and you’re now facing a foreclosure sale. In today’s unstable economy, foreclosure is more common than you think. A loss of a job or a change of circumstances can put your home ownership in jeopardy.
You have options to secure your future, stop foreclosure, and even save your home. The very first step when you’re looking to stop foreclosure is to contact your lender. They are the first authority point to work out any available options when it comes to the terms of your loan. They may be able to help you spread out payments (called forbearance) or even change the terms of the existing loan.
If your house is upside down (you owe more than what the house is worth) and don’t want to totally ruin your credit by letting it go to foreclosure, then a short sale may be an option. We will refer you to a highly reputable Realtor so we can ensure you are in good hands and Reddtrow possibly making a short sale offer through that Realtor. This amount will be less than the full mortgage debt, but will satisfy the entirety of the loan. For more details on these options and others to stop foreclosure read our blog.
Before you go any further, call us. There is a difference between stopping foreclosure and delaying foreclosure. (Bankruptcy is typically a strategy for the latter!) If you’re going to try to sell your house to stop foreclosure, a traditional real estate agent may not be able to sell it fast enough and buyers may back out or financing could fall through. Foreclosure is a complicated process that we understand. Call or fill out our form and tell us about your circumstances. We are here to serve you and help you fight to stop foreclosure.
For more information on stopping foreclosure and options, read our blog!
Disclaimer: This information should not be considered legal or financial advice. You should consult with an Attorney or financial professional to determine what may be best for your individual situation.