subject: Mobile Home Foreclosure - 5 Tips For Avoiding Foreclosure [print this page] Mobile Home Foreclosure - 5 Tips For Avoiding Foreclosure
Home ownership is something that you can take pride in. Even when you are having trouble making your monthly mortgage payments, knowing that you own a home is the mark of a huge life accomplishment.
When cash flow gets tight and you have missed one or more of your mortgage payments, the idea of foreclosure may have come up once or twice. You may be worried about foreclosure, or you may have even received a letter from your bank saying that you are in danger of foreclosing.
The idea of losing your home to the bank is a scary one. Just the thought of this can mean taking a hit to your pride. But, it can also mean thoughts going through your head about where you will live or what you will do next.
If you are concerned about mobile home foreclosure, here are 5 tips to help you avoid it:
1. Do whatever you can to get caught up on mortgage payments:
It goes without saying that avoiding foreclosure is a bit like having a race against the clock. Do whatever you can to make even one more payment on your home mortgage as you take further steps to avoid foreclosure.
2. Consider refinancing your loan:
One way to avoid foreclosure on your mobile home is through the refinancing of your mortgage loan. By refinancing at a lower interest rate - or by spreading your payments out over more time - you may be able to lower your monthly payments.
note: you may be concerned about having to come up with closing costs. Fortunately, some lenders will roll your closing costs into your new loan principal, so there is nothing additional due at signing.
3. Start by calculating how much equity you have:
Begin the refinancing process by figuring out how much equity you have in your home. Use neighborhood real estate listings for similar properties as a guide.
4. Run your latest credit report:
Next, run your latest credit report via TransUnion, Experian and/or Equifax. Find out where your credit score stands today.
5. Compare multiple refinance lenders:
Before applying for a refinance loan, be sure to create a list of at least 5 refinance lenders. Then, follow through with applying to each and every one.
Consider these 5 tips for avoiding foreclosure on your mobile home.
