While some sectors of the economy are improving, many people in Apex are still struggling to make their mortgage payments.
If you’re underwater on your home, or having trouble keeping up with your monthly mortgage payments, you could be fearful that your mortgage provider is going to foreclose.
Thankfully, there are a number of things that you can do to avoid foreclosure in Apex. It’s important to remember that moving quickly is absolutely paramount, and could save your credit rating and your home.
So lets dive in on a couple quick tips on possibly how to avoid foreclosure in Apex with your home.
The Keys of How To Avoid Foreclosure in Apex: Don’t Abandon Ship
Many people simply give up and walk away from their home. There are even 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.
This can be stressful situation, and it’s extremely important to consider all your options. A foreclosure 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 (called a short sale), and 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 people 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.
• Ask for help from Uncle Sam. The federal government has implemented a number of programs to help struggling homeowners. Some allow struggling homeowners to modify their loans, reducing monthly payments. Others help homeowners who are current on their mortgage payments refinance into a lower-interest loan. Most recently, the government has implemented forbearances for many federally-backed mortgages. These programs are subject to eligibility requirements.
We understand that the possibility of losing your home can be stressful. You aren’t alone. Many homeowners are going through the same troubles right now. 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.