Foreclosure is something that homeowners dread. If you are in this situation, you can stop foreclosure in two common ways: to stay or to sell. Regardless of your choice, what matters most here is that you get out with your financial life intact. I am going to tell you the hard truth though – there is no method that will help you avoid foreclosure overnight. This is why I am going to share with you some of the ways that you can practice to get away from this situation in Lake Worth, Florida:
- Don’t spend too much. Instead, why not save your money and pay your mortgage along with the other payments you have missed? Sure, they can be big and will hurt your wallet a lot, but making it right today will save you more costs in the future.
- Come up with a repayment plan. You can work with your lending institution so you can have a repayment plan which can help you pay back what you owe over a period of months. In Florida, you may be required to pay first a portion of the payments you haven’t paid yet. Usually, you will only talk to a representative at the institution’s loss mitigation department. Although you may have to pay twice the amount you missed, the bright side is that you can stop foreclosure with this method.
- Modify the loan terms. Of course you cannot do this on your own. Once again, you have to work with your lender so that you can get a flexible payment plan that works best for your situation. For instance, you have two more years to pay off the loan. You can ask the mortgage lender to spread out the amount that you owe throughout the life of the loan.
- Take advantage of the FHA loan. Do you have an FHA loan? If so, you have the chance to qualify for a loan from the Federal Housing Administration. This loan will rehabilitate or bring current the loan and it will be retained as a lien on the property. This is a partial claim that many foreclosure victims have benefited from.
- Find a buyer. If you think that you can no longer keep up with the payments, you can just sell the house. One of the reasons why people face foreclosure is because they have more than one property. Sometimes, they forget about the mortgage and the other payments. It is quite difficult to keep track of the payments sometimes especially with the expenses that you also have to deal with in your residential house.
If the last method seems attractive to you, I can help you in this challenging route. As a licensed real estate broker, I can assist you in marketing and negotiating with the prospective buyers in Lake Worth. If everything falls into place, you can have the house marked sold in less than a month and have enough money to save your financial future.