All judgement aside, everyone goes through rough patches in life. Facing foreclosure is a lot of things but most of all, it’s terrifying! Did your heart stop when you received that letter of default? Just know, there are many options you have to slow down the process and hopefully turn things around, or completely eliminate yourself from the issue. Therefore, don’t panic, yet. Below we will give you a few things you need to do as soon as you receive that letter.
Get your lender on the phone!
Keep in mind, you may be on hold for a while. Don’t hang up, this is important. Also, don’t call your lender and start yelling at them. It is not their fault you’re missing payments. Your lender will more than likely want to work with you rather than foreclose on your home.
Explore your options to refinance!
You may be able to get a lower interest rate, get some cash out, and keep your home! If you need some guidance, reach out to us! We would be happy to point you in the right direction.
Sell your Home
If you don’t have any other options, this may be the route to take. By selling your home before it forecloses, you will save your credit and you may also make some money to purchase something more affordable. Put your house on the market,this option will get you the most money but isn’t always the fastest option. Some other options to keep in mind are: reach out to investors, or market it FSBO. If you need help in any of these areas reach out to us, we can help find you the best option for YOU!
Call us!
We help folks like yourself avoid foreclosure. If we don’t buy your house, we will get you in contact with someone who can help you sell your home, or someone who can help you refinance your home. (719) 569-0464
File Bankruptcy
If worse comes to worst, swallow your pride and file for bankruptcy. Though, this will be an extreme negative hit on your credit, it will give you time. If you decide to do this, do your research or talk to a financial advisor who will help you through the process.
Taking the time to look into all 5 of these steps is important. It could save you a ton of difficulty in the future. Even Though you’re having a difficult time right now… You’ll get through it, this is not the end. Know that there are many options in this situation, the sooner you act on them the more options you’ll have. Why are you still reading? Grab your phone and call your lender! Or call us!
Thanks for reading!