Mortgages are a great way to finance your home the allow you to pay for a high-quality house or property over a long period of time. As long as you maintain a decent financial stability you really won’t face many problems, until … you do! We never know when something can come up and alter your income. Whether it’s a health emergency or just simply that fact you lost your job. Your financial stability is suddenly ruined and you fall behind on your mortgage payments. It is that these moments you are going to wish you had a landlord to answer to instead of the mortgage plan. Missing your mortgage payment can cause fees to start piling up. That is why it’s so hard to catch back up even after only missing a couple. After 3 to 6 months of falling behind the foreclosure process will begin!
The worst thing that can happen to you in a foreclosure situation is that you lose your home. That consequence we know is extremely bad, with that in mind we advise you to act fast. If you lose your job and know that you are going to have trouble paying the bills, seek help out immediately. That way you will be able to be in a better position to negotiate. Going through the foreclosure process with at least some bargaining chips is always better than going at it empty-handed.
Know Your Options
Lenders are trying to get their money any way that they can. They don’t mind if they eventually have to kick someone out and leave them on the street. They know it’s part of the business. In this case, then you have to options negotiate while you still can and try to extend the payment period and minimize fees where possible. The other options a lot tougher. They both involve losing your home!
This type of foreclosure is literally being thrown out of your own home on the worst terms possible. This is what we want to avoid at all costs! Not only will you be left without a home but your credit score will have gone down the drain with it. This is going to make it a lot harder for you to bounce back from an already completely damming financial situation. We want to help you and make sure that is never the route you take!
This type of foreclosure involves giving up the property “on your own terms”. Not all voluntary foreclosures are the same. We can work out a deal in which taking this scenario will not hurt you as much long term. This will give you some breathing room as far as debts go and will still make it possible to obtain some form of credit that may a allow you to rent a house and other things. Remember these last two are just the worst case scenarios if you call in today and act fast we can help you avoid them completely!