Are you struggling to manage your mortgage payments? You could be in danger of foreclosure. Foreclosure is the process of your lender possessing your mortgaged property in lieu of absent payments. Therefore, avoiding foreclosure should be a top priority. There are a number of programs to assist homeowners who are at risk of facing foreclosure.
Avoiding Foreclosure on Your Home
Contact your Lender
Reach out to your lender as soon as you miss a payment. This isn’t a permanent solution. However, taking action and explaining the circumstances of your missed payment is important. If the reason for your missed payment is a temporary hardship, your lender may:
- Allow you to miss a payment
- Temporarily reduce payments or
- Extend the term of your loan
Waiting to contact your lender can put you at a disadvantage for damage control. Also, it can hurt your chances of avoiding foreclosure. In addition, see if the Department of Housing and Urban Development can offer any solutions to avoid foreclosure.
Speak to a Certified Housing Counselor
Avoiding foreclosure is easier with expert help. The certified housing counselors at American Consumer Credit Counseling can assist you in foreclosure prevention tactics. ACCC’s housing counselors will go over the following:
- Consequences of foreclosure
- Possible repayment plans
- Forbearance agreement
- Loan modifications
- Refinancing options
- The possible sale of your home
- Pre-foreclosure sales
- Deed in lieu of foreclosure
Loan modification programs are one of the options available to struggling homeowners. A loan modification depends on a number of variables. These include:
- Loan type and program qualification
- Length and status of delinquency
Try a Mortgage Refinance Calculator
Refinancing your mortgage is another option. Consider refinancing before you accumulate too much debt. By refinancing your mortgage, you adjust the terms of your loan, therefore, making monthly payments more manageable. Try this mortgage refinance calculator to start.
To further discuss avoiding foreclosure and other Housing options, call American Consumer Credit Counseling today at 800-769-3571.