Even while the housing market is rebounding, it can still be dificult to keep up with and make mortgage payments on time. Learn how to avoid foreclosure Asheville and what your options may be.
If you’re underwater on your home, or having trouble keeping up with your monthly mortgage payments, you could be fearful that your mortgage provider is going to foreclose.
Thankfully, there are a number of things that you can do to avoid foreclosure Asheville. It’s important to remember that moving quickly is absolutely paramount…besides the obvious benefits of keeping your credit in good standing…moving quickly can also save thousands and thousands of dollars in uncessary attorney fees.
So lets dive in on a couple quick tips on possibly how to avoid foreclosure Asheville with your home.
The Keys of How To Avoid Foreclosure Asheville Don’t Abandon Ship
Many people simply give up and walk away from their home because they dont know that their are other options…however other options do exist!
This can be stressful situation, but it’s extremely important to keep your wits about you. A foreclosure will have a huge negative impact on your credit score, and likely prevent you from purchasing a home for three to five years to come. If you sell your ho
me, you could leave a portion of the loan unpaid, and the lender could pursue legal action against your for the unpaid portion…that just makes a tough situations worse. Let’s concentrate on what options ARE available.
While it’s extremely stressful, you do have options:
• Negotiate with your mortgage lender: Although the banks do not always work with you this should be the first avenue to be pursued. Banks are NOT in the business of owning homes, they make their money on the interest that is tied to your mortgage payment. If you have not missed a payment yet and are reading this, then you are ahead of the game! Take action talk to your lender and see what options they might have on the table for you.
• Ask for help from Uncle Sam. Over the last five years, the federal government has implemented a number of programs to help struggling homeowners. The Home Affordable Modification Program (HAMP) allows struggling homeowners to modify their loans, reducing monthly payments. The Home Affordable Refinance Program allows homeowners who are current on their mortgage payments refinance an adjustable rate mortgage into a low-interest, fixed rate loan. Both of these programs are subject to eligibility requirements.
In addition to HAMP make sure to find out if you are elgible for the NC Foreclosure Prevention Fund. There are certain requirments you will need to meet, but this program offers you 0% interst loans to help cover your mortgage and related expenses to help get you back on your feet!
We understand that the possibility of losing your home can be stressful. You aren’t alone. Citizens all over Asheville are going through the same troubles. Foreclosure can have a lasting effect on your financial life, and it’s important to move quickly and take advantage of any options available. You could save both your credit rating and remain in your home.
We may be able to help you avoid foreclosure Asheville… connect with us today and lets discuss your situation. We don’t charge any fees… we’ll evaluate your situation… and present you your options so you can move forward and get this foreclosure behind you.