Make home affordable
If you are having trouble paying your mortgage and need assistance, you are not alone. Lots of Americans just like you are suffering financial setbacks. Your mortgage lender has ways to help you reduce or suspend your payments until you get back on your feet. Don’t wait. The longer you put off contacting your lender, the further behind you will fall, making it harder to create a plan that works for you.
The Make Home Affordable programs have helped millions of home owners save more than $500 a month on mortgage payments. People in many states are struggling because of soaring unemployment rates or steep home price declines since the housing market downturn.
Ways to Save Your Home
If your lender refuses work with you, there are other options to stop the foreclosure proceedings. However, you must act fast and do some research to know which choice is best for you.
- Sell Your Home – Speak with a professional real estate agent who is familiar with the home prices in your area so you can get a correct market value. Although listing with a discount broker might sound like a practical way to save money, call around to different agents and find one with strong marketing and sales experience. A discount broker will not save you money if they can’t sell the home before the foreclosure process ends.
- Will Your Lender Consider a Short Sale – If your home is worth less than what you owe on the loan, you might be a contender for a short sale. Basically, your realtor will need to talk with the lender to see if they would be willing to take less than the full amount due on the loan. Keep in mind that this DOES affect your credit just as a foreclosure would and not all homes meet the requirements for short sales.