While the housing market is rebounding, many people in Phoenix] 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, it is possible that your mortgage provider is going to foreclose.
There are a number of things that you can do to avoid foreclosure in Phoenix. It’s important to remember that moving quickly is important, and could save your credit rating and your home.
Here are a couple quick tips on possibly how to avoid foreclosure in Phoenix with your home.
The Keys of How To Avoid Foreclosure in Phoenix
Many people simply give up and walk away from their home. There are even areas of Phoenix that 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 a stressful situation. 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 have options:
• Negotiate with your mortgage lender. Banks and other financial institutions are well aware that homeowners in Phoenix are struggling. If you haven’t missed a payment yet, you may have some leverage to renegotiate the terms of your loan. Banks prefer not to foreclose on homes, and many will work with you. You may be offered forbearance, or even a loan modification.
• Ask for help from the government. 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 to refinance an adjustable rate mortgage into a low-interest, fixed rate loan. Both of these programs are subject to eligibility requirements.
We understand that the possibility of losing your home can be stressful. You aren’t alone. Homeowners all over Phoenix 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 your options to you so you can move forward and get this foreclosure behind you.