subject: You Really Can Prevent The Impending Foreclosure Against Your Home – Just Act Fast Now! [print this page] You Really Can Prevent The Impending Foreclosure Against Your Home Just Act Fast Now!
Sadly, foreclosures have become the order of the day, across much of the United States. With the recession bearing the full brunt of its face, a lot of families have just not been able to cope up with their mortgage payments, and the end result has simply been an impending foreclosure being pronounced against their properties.
Well, if you find yourself in such scenario, of course it is definitely a cause for grave concern, but at the same time, it need not mean the end of the road for you, as far as having a roof over your head is concerned. With some strategic moves made in a timely manner, you can very well prevent a foreclosure from occurring against your property.
Inform And Communicate To Your Lenders About Your Precarious Financial Position
A grave mistake that a lot of property owners, facing an impending foreclosure, do, is to suddenly go mum on their lenders letters, phone calls, emails simply go unanswered or not responded to, and in fact, completely ignoreddon't do that! Your lenders will perceive that to be a sign of avoidance, i.e. you are trying to avoid them and perhaps your intentions are not good as far as making mortgage payments are concerned. By avoiding them, you cannot expect them to have the clairvoyance that you are facing financial hardships, and that is in fact the reason why you are unable to make your mortgage payments.
Therefore, to avoid such a scenario, the first thing that you should do is to pro-actively inform your lenders that you are facing serious financial difficulties, and therefore, might just be missing out on your mortgage payments. You can be assured that they will consider your plea, and perhaps even give you a "payment holiday" for a few months, till you are again able to pay your mortgages as scheduled.
File For Bankruptcy
This is one of the easiest ways to stall a foreclosure, even if temporarily. At least, by declaring yourself as bankrupt, you will be able to buy yourself some time, in order to think of ways in which to salvage the situation. Usually, this time period is not much around 30 days or so.
Also, you need to be wary of the consequences generally, this has a seriously detrimental effect on one's long term creditworthiness, so resort to this method when you really have run out of others.
Go In For Loan Modification
This is one of the relatively easier and more commonly resorted to, method of preventing a foreclosure. This method usually entails lowering the monthly mortgage payout to an amount which is more comfortable to the borrower. This method proves to be particularly useful to those who might have first lost their jobs and then subsequently got another one, albeit at a lower pay. It also proves useful to those who have had a medical emergency, or perhaps any other emergency, which has involved a significant outlay of one's expenses, to the extent that money left for mortgage payment is now curtailed.
Whatever be the case, try and get a loan modification done as soon as possible, so as to stall a foreclosure.
Lease Out Your Property
If making the mortgage payments seem just too difficult for you, and a foreclosure seems imminent, you could even consider leasing out your property, either entirely or partially. In case you are leasing out completely, then you could move to an alternate, low-cost property, and use the money that you are getting from the lease, to make your mortgage payments. And in case you are leasing out partially, you could use the additional cash flow to support your mortgage payments.
Thus, as you can clearly see, there are ways in which you can easily prevent a foreclosure from taking place against your property. Just make sure that you act in a timely and decisive manner, in order to prevent what seems to be the inevitable.
