Written by: samsam4
In these tough economic times, many homeowners are having a hard time paying off their mortgage. If your lender is threatening to seize your property because you can’t make mortgage payments, you are not alone. We know the process of foreclosure can be terrifying and overwhelming. You’ve struggled and worked for so many years to reach this point, and now you are about to lose your precious home. Maybe you are dealing with job loss, divorce, or illness. Whatever the reason, do not worry as there are a couple of things you can do prevent the foreclosure from happening.
1. Talk to Your Lender
As soon as you realize you’re having financial issues and you may be unable to continue paying your mortgage, contact your loan service provider and tell them about your situation. We know that many people may try to avoid their lenders but this a very big mistake. Your lender will evaluate your situation and create a plan that suits you. Don’t feel embarrassed or wait until your situation worsens before you act.
2. Seek Counselling
As previously mentioned, a foreclosure can be stressful and overwhelming. Nobody wants to lose his or her home, and this can make you lose your mind. You may not be able to even think clearly about your options. This is why you’re advised to seek counseling from a professional. This can be an attorney, real estate agent or any other professional who knows about foreclosures. If you can’t afford to hire a professional to talk about your options, do not worry too – the Department of Housing and Urban Development has got you. They offer free counseling to homeowners struggling to make their mortgage payments. The counselor will help you understand your options that can prevent the foreclosure.
3. Consider Mortgage Refinancing
You may also try to refinance or replace your old mortgage loan with a new one with better terms. Of course, you should search for a mortgage with a lower interest rate and lower monthly payments. Also, you need to consider the loan repayment period. If, for instance, your current loan is for 10 years, a 15 or 20-year nee mortgage may drastically lower your monthly payments. So, shop around for mortgages with lower interest rates and a longer repayment period.
4. Sell Your House For Cash
This could actually be your best bet if the above methods don’t work for you. However, selling your home may not be an easy process and usually takes time. In most cases, it takes about 45 days to allow for inspections, appraisals and more, which can be too long for a person facing foreclosure and with their credit on the line. If you’re dealing with a job loss, or an ugly divorce and a foreclosure is imminent, there are people who can quickly buy your house. The best thing with this option is that the buyer will buy your home as it is, and close the process in a very short period of time. This is where we at Titan Home Buyers come in and help. We are committed to working with home sellers who are in dire need to sell their homes and who want to get the best price for their home. Do not worry about the condition of your home or your situation – we’ll help you prevent that foreclosure from happening.
Reasons to Choose Us
1. We keep it simple – No complicated process – we give you an offer based on the market value and repairs needed. Whether you are relocating or dealing with an illness, divorce, or foreclosure, we will find a solution for you.
2. We buy any property in any condition – Don’t feel like there is no way out – we will buy your house in any condition, which means you don’t have to do costly repairs.
Visit our website at www.titanhomebuyers.com to get an offer today or call 843-804-6629.