While the housing market is rebounding, many people in Central Mississippi MS are still struggling to make their mortgage payments. Foreclosures are on the rise in most markets and most indicators show that this rise will continue.
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. Communication is key in working through this process with the most options available.
Thankfully, there are a number of things that you can do to avoid foreclosure in Central Mississippi. It’s important to remember that moving quickly is absolutely paramount and could save your credit rating and your home.
So let’s dive in on a couple quick tips on possibly how to avoid foreclosure in Central Mississippi with your home.
The Keys of How To Avoid Foreclosure in Central Mississippi Don’t Abandon Ship
Many people simply give up and walk away from their home. There are even areas of Central Mississippi have begun to resemble ghost towns, as the economy has impacted residents significantly.
Detroit is a prime example of what can happen when people abandon their homes. If you don’t recall, from 2005 – 2015 many owners faced predatory lending practices which led to mortgage or tax foreclosures. We knew one man that moved to our area that was unable to sell his Detroit home for years. As it sat vacant, it was vandalized repeatedly and he lost far more than he ever recovered when he finally sold it at a substantial discount. He avoided foreclosure as his home was paid off, but he continued to pay taxes, utilities, and rising insurance premiums on the vacant property.
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 years to come. If you sell your home, you could leave a portion of the loan unpaid, and the lender could pursue legal action against your for the unpaid portion.
While it’s extremely stressful, you do have options:
• Negotiate with your mortgage lender. Banks and other financial institutions are well aware that citizens of Central Mississippi are struggling. If you haven’t missed a payment yet, you may have some leverage to renegotiate the terms of your loan. Banks don’t like foreclosing on homes, and many will work with you if you aren’t too far behind. You may be offered forbearance, or even a full loan modification.
• 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.
We understand that the possibility of losing your home can be stressful. You aren’t alone. Citizens all over Central Mississippi 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… 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.