Losing your home to foreclosure can be your worst nightmare. Reality check, it will not go away unless you have found a solution. You cannot simply wake up or walk away. Foreclosure can affect your credit record in a bad way. And so we’ve compiled some tips that will help you avoid foreclosure and save your credit record.
If you are experiencing financial difficulties and you’re starting to miss your payments, do not delay the inevitable by not contacting your lender. As soon as you can, inform your lender about the situation as they might offer you with possible solutions. Some lenders will offer repayment plan. If the reason of your missed payments is just temporary such as expensive car repair or medical emergency, your lender might let you pay the missed payments in installments until you can go back to your original mortgage.
Another option is loan modification. This is done by extending the loan terms by several months, lowering your monthly dues. It could also be that your lender will lower down the interest rate and the delinquent amount is spread out through the rest of the terms.
If the two options will not work, you can still stop foreclosure by selling your home. You may lose your home in the process but with your credit score in good standing, you will be able to qualify for another loan and buy a new home. Sell your home to cash buyers and get on with your life. There are several options to sell your home but the fastest route is through private property investors. Lucas Properties LLC, a private investor, has been helping families through the years by buying their distressed property with cash. In as short as seven days, you can walk away with cash. No more after-sales papers to worry about.