Many people are unable to pay their mortgage and face foreclosure every day. Before your home actually goes into foreclosure, take the necessary precautions and steps to avoid this happening. If you know you won’t be able to make a payment, explore your options.
The longer you wait before addressing possible foreclosure, the more you reduce the options available. Also, you can get help to keep your home if possible. If you are struggling to make mortgage payments, check out your options below:
1. Contact your lender
Communicating with your lender as soon as possible is key to solving your mortgage payment issues and avoiding foreclosure on your home. Your lender can offer you options, as they don’t want the house back — they would rather help you get through a difficult time than just take back your home.
You can refinance your loan to make it more affordable. This option has minimal impact on your credit, which is always a plus in these situations. It also lets you stay in your house.
3. Apply for a Loan Modification
A loan modification is when a homeowner can change the mortgage rate, term, or monthly payments. This is also open to people that can prove they are facing significant financial hardship. However, it can be kind of hard for the borrowers sometimes, as this modification can take a lot of time to be accepted.
4. Get rid of your house
If you want to avoid Foreclosure, the best is to sell your home, and it is nothing better than selling to an investor if you want to avoid extra expenses.
In this case, you can use two different methods to sell your home. You can hand the house over to the lender, who can sell the house themselves. You can also opt for a short sale. This is when the bank agrees that the homeowner can sell the house for less because they own the mortgage.
Colorado Cash For Keys Can Help
If you choose to sell your house, Colorado Cash For Keys is your best and quickest solution. Our process is very simple and requires minimal effort on your part.
If you haven’t been able to make mortgage payments and want to sell your house before foreclosure kicks in, we can make you an offer in a couple of days. After we evaluate your home, we make you an offer, you accept, and then we close in a week and give you cash to pay off your mortgage.