4-Step Guide To Prevent Foreclosure
Getting the house of your dreams takes hard work and usually a mortgage, which of course, no one tries to walk away from, but sometimes unfortunate situations can appear, like huge medical bills, job loss, and more. This affects the financial situation of homeowners and their families and can put them at risk of foreclosure.
If your mortgage lender has sent you default notices, or if you have missed several mortgage payments, you must act quickly to recover your mortgage. Here are some tips to help you address this situation and avoid foreclosure.
- Prioritize Your Expenses
Health is always on the top of our priority list, but after that, keeping your house is a must, for the peace of mind of having a place to live, eat and grow a family in, or enjoy daily life with relatives and friends. Take a look at your finances. If you’re having trouble with the payments, see where you can cut some spendings.
Where can you start? First, with optional expenses, like memberships, cable TV, entertainment that you can eliminate, at least until you become economically stable. Also, if you have delayed payments on your credit card or other small debts, you should prioritize them too.
- Contact Your Lender Asap
Lenders want their money to be repaid in a considerable time; they are not interested in keeping your house. Contact them as soon as possible to provide you with some answers for you to get through this difficult financial situation.
Some of the options that lenders may offer you are:
- Repayment Plan
- Forbearance
- Loan Modification
- Deed in Lieu of Foreclosure
All of this will depend on your situation. Talk to your lender to make sure you apply for any solution mentioned above.
- Be Aware Of Your Mortgage Rights
Information is always the key. Look for your loan papers and see what your lender can do if you cannot meet your payments. Don’t let anything take you by surprise.
Also, take your time to investigate the foreclosure laws. They may vary according to each state, so take that into consideration.
- Use Your Existing Assets
At what price are you willing to try to keep your house? If you have other assets that can provide you with additional incomes, consider selling them. For example, if you have more than one car, sell the other one, also jewelry, laptops, or cell phones. Or even if you or someone else in your family can get another job to help you out.
All of this may not help you get the whole payment of your mortgage, but it will demonstrate to your lender that you are seeking by all means possible to meet the payment and avoid foreclosure.
- Sell Your House Fast For Cash
If you are telling yourself, “I want to sell my house fast” and take the stress away from foreclosure, then do it! Look for cash home buyers, and in a matter of days, you will sell your house with cash in hand so you can look for something that better fits your financial possibilities.
You may be asking yourself, how does this work? It’s simple. Cash home buyers have money available without needing any loan, so you will get the money fast by working with them. The best part is that you will get a fair offer for the price of your home and won’t have to pay any fees or commissions.
Get The Help You Need With Bogino Properties, LLC
Did you make up your mind and think of selling your house fast for cash? Then you’ve come to the right place; we buy houses!
At Bogino Properties LLC, we are Home cash buyers based in Atlanta, GA. We care about relieving your stress from any financial problems you are going through that requires selling your house quickly and efficiently to go on with your day-to-day life without any debt on top of it.
In just 3 steps, you can say goodbye to your problems:
- Call or submit the information about your house
- Meets us at your house or send us pictures of the inside so we can make you a fair offer
- Set the closing date if you agree and get your cash
Are you ready to sell your house fast for cash?