Owning a home is the biggest investment and it is the most valuable property of most Americans. In a foreclosure sale, the owner loses it completely. Moreover, the credit history of the owner gets affected in the long run. This credit status remains for as long as seven years in the borrower’s credit report.
So don’t wait till it is too late. Get in touch with a loan modification certified company or a loan modification attorney to save your precious property from the foreclosure sale.
Following are some of the options available to help you avoid the foreclosure sale:
- Contact your lender/bank: Contacting your lender as soon as possible is the first step you must take. Try to convince them to stop or delay this process and share your problems with them. Also, show your strategies and plan for making the repayment, including the late payments and other penalty charges.
- Workout plan: Find out any reputed loan modification company and discuss further to save your property from the foreclosure sale.
- Repayment plans: Whatever the installments you have missed out on, start paying them again gradually. Suppose, your installment is $1000 every month. With a systematic repayment plan, start paying $1075 every month to your lender or bank until your missed installments are recovered.
- Reinstatement: Suppose you have missed out on two or three mortgage installments. Arrange funds from somewhere else to repay your lender or bank with late payment charges.
- Forbearance: This will be a temporary change in your monthly installments and you can skip or pay smaller amounts for 12 months or less.
- Bankruptcy: When there is no better option available, the borrower may file for bankruptcy and thus they may settle their other debts as well.
Most importantly, always keep in mind that there are still many options to help you in such a situation. But act quickly and smartly to stop the foreclosure sale on your property.