10 Options to Avoid Foreclosure
Goodale Realty Team at JK Realty
The Goodale Realty Team at JK Realty
10 Options to Avoid Foreclosure
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If you’ve missed one or more mortgage payments, or if you’re “underwater” (owe more than your home is worth), you are not alone. The first thing to know is that you have options.
Here are actions you can take to avoid foreclosure and experts you can call upon for help:
A. Work with your lender so you can stay in your home.
If you can prove a temporary “hardship,” such as job loss, income reduction, health issues, divorce and other major life changes that affect your ability to pay back your loan, you may be able to arrange one of the following:
- Reinstatement. If your lender has started foreclosure proceedings, you have the right to make your loan current by paying all missed payments, plus late fees, legal bills and filing charges.
- Mortgage Forbearance. This can reduce or postpone your payments for a few months providing you agree to repay them. This is temporary relief and not a long-term solution.
- Refinance. You can lower your monthly payments by taking advantage of a current interest rate that’s lower than your original one. If your home has little or no equity, however, it may be difficult to qualify.
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