Lenders don’t want to own property. They want to receive payments and some payment is better than no payment.
We thought it would be beneficial to let everyone know the 5 best ways to avoid foreclosure. It is always preferable to avoid the foreclosure process than to go through a process that can be stressful and hard on one’s family. These are 5 ways to avoid foreclosure. You can also call our Avoid Foreclosure Hotline at 1-800-798-9084 ext. 7761.
Top 5 ways to Avoid Foreclosure
- If you are getting behind on your mortgage and think you may have trouble making payments, call your lender immediately!
- This alone can avoid a lender trying to foreclose on your home. Lenders don’t want to own property. They want to receive payments and some payment is better than no payment. Lenders may even work with you to delay payments if you have lost a job or a loved one.
- Communication is the best way!
- If you have an adjustable mortgage, check about refinancing it.
- Sometimes you can refinance into a different loan to help you and your family lower your payments. Make sure you get a solid referral for a lender who can deliver on their promises. We can provide you with referrals if you don’t already have a lender.
- Avoid Foreclosure by having savings.
- Use your savings to make your mortgage payment. This will help in tough times. If you don’t have a savings account, do what you can to save money on monthly expenses.
- Look at your monthly budget & if you don’t have one create one!
- Often times we spend money we don’t even know we are spending. Some examples are:
- Dining out
- Gas – try carpooling even 1 day a week
- Cut coupons
- Avoid extravagant gifts
- Sell your home or condo
- This is obviously the last choice. Please make sure you get an honest estimate of what your home would sell for and what your take would be.
- Make sure you have an Easy Exit Listing Contract so you can exit at any time in case your Realtor® is not performing to your standards.
Please remember we recommend selling as the last resort. One of our foreclosure experts can help you with all of the above steps. Please call our 24 hour FREE recorded hotline at 1-800-798-9084 ext. 7761 or to speak to someone immediately toll free at 1-888-379-9944 for a FREE phone consultation.