Even while the housing market is showing signs of improvement, a significant number of consumers in Raleigh NC are still having trouble meeting their mortgage obligations.
If the value of your home is less than what you owe on it or if you are having difficulties keeping up with your monthly mortgage payments, you may be concerned that your mortgage provider will foreclose on your property.
You are in luck since Raleigh offers a variety of options that can help you save your home from going into foreclosure. It is essential to keep in mind that moving quickly is of the utmost importance and that doing so could help you keep both your home and your credit rating.
Now that we have that out of the way, let’s jump into a couple of quick tips on possibly how to avoid foreclosure on your home in Raleigh.
The Keys to How To Avoid Foreclosure in Raleigh
Don’t Abandon Ship
A great number of people simply throw in the towel and leave their houses. Because of the huge influence the economy has had on the citizens of Raleigh, there are even parts of the city that are starting to look like abandoned villages. The city of Detroit is a perfect illustration of what may occur when people forsake their homes.
It is essential that you maintain your composure in spite of the fact that this could be a challenging circumstance. A foreclosure will have a significant adverse effect on your credit score, and will almost certainly prevent you from buying a home for a number of years to come. If you sell your property before paying off the mortgage in full, you might have to face legal repercussions from the lender for the amount of money that is still owed on the loan after the sale.
Even if it’s incredibly stressful, you still have some options:
• Negotiate with your mortgage lender. Banks and other financial institutions are aware that people living in Raleigh are having a hard time making ends meet. It’s possible that you still have some negotiating power over the terms of your loan if you haven’t fallen behind on any payments. The process of foreclosing on homes is something that banks would rather avoid doing, however, many of them are willing to work with you if your payments aren’t too far behind. You might be eligible for forbearance or even a full loan modification in some cases.
• Ask for help from Uncle Sam. During the course of the past five years, the federal government has established a variety of assistance programs for homeowners who are experiencing financial difficulties. The Home Affordable Modification Program (HAMP) provides struggling homeowners the opportunity to modify their loans, and lower their monthly payments. Homeowners who are current on their mortgage payments are eligible to participate in the Home Affordable Refinance Program (HARP), which enables them to refinance an adjustable-rate mortgage into a low-interest, fixed-rate loan. Both of these programs have criteria that must be met in order to take part.
We are aware that the possibility of having to relocate could cause significant emotional strain. You aren’t alone. Raleigh residents are dealing with the same issues. Foreclosure can have a lasting effect on your financial life, and it’s important to move quickly and make the most of any and all available options. You could save both your credit rating and remain in your home.
It’s possible that we can save you from going through with a foreclosure… connect with us today and let’s discuss your situation. We will evaluate your situation, and provide you options FREE of charge so that you can move forward and get this foreclosure behind you.