While the housing market is rebounding, many people in Fort Myers] are still struggling to make their mortgage payments.
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.
Thankfully, there are a number of things that you can do to avoid foreclosure in Fort Myers. It’s important to remember that moving quickly is absolutely paramount, and could save your credit rating and your home.
So lets dive in on a couple quick tips on possibly how to avoid foreclosure in Fort Myers with your home.
The Keys of How To Avoid Foreclosure in Fort Myers Don’t Abandon Ship
Many people simply give up and walk away from their home. There are even areas of Fort Myers 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.
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 Fort Myers 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.
Tips to Avoid Foreclosure:
- Contact your lender.
The first step to avoiding foreclosure is to contact your lender. Many lenders are willing to work with homeowners who are struggling to make their mortgage payments. Explain your situation to your lender and ask if they have any options available, such as loan modification, forbearance, or repayment plans.
- Explore government programs.
There are several government programs available to homeowners who are facing foreclosure. These programs can provide financial assistance, counseling, or loan modification options. Some of these programs include the Home Affordable Modification Program (HAMP) and the Home Affordable Refinance Program (HARP). Contact your local housing authority or a HUD-approved housing counselor to learn about the options available to you.
- Cut back on expenses.
If you’re struggling to make your mortgage payments, it’s essential to cut back on expenses. Create a budget and prioritize your expenses, such as housing, food, and utilities. Cut back on unnecessary expenses, such as dining out or entertainment. You may also consider downsizing or renting out a room to reduce your housing expenses.
- Consider a loan modification.
A loan modification can be an excellent option for homeowners who are struggling to make their mortgage payments. A loan modification can lower your monthly payment, reduce your interest rate, or extend the term of your loan. Contact your lender or a housing counselor to learn about the loan modification options available to you.
- Sell your home.
If you’re unable to make your mortgage payments, selling your home may be the best option. Selling your home can help you avoid foreclosure and get out from under a mortgage you can no longer afford. Consider working with a real estate agent or selling your home to an investor. Make sure to explore all your options before deciding to sell your home.
We understand that the possibility of losing your home can be stressful. You aren’t alone. Citizens all over Fort Myers 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.