How to Avoid a Home Foreclosure in Salt Lake City
Even with the housing market on an upswing, many in Salt Lake City are still having a difficult time making their mortgage payments.
If you are one of these people who’s underwater on their homes or struggling to make your mortgage payments, you may be worried that your mortgage lender could foreclose on your property.
Fortunately, there are a number of actions you can take to not go through foreclosure in Salt Lake City. It is important that you move quickly, however, to try and save your credit score and the place you call home.
Let us take a look at some tips on potentially how to avoid foreclosure in Salt Lake City with your house.
Tactics of How To Avoid Foreclosure In Salt Lake City – Don’t Just Throw In The Towel
Often, people will simply throw in the towel, so to speak, and abandon their home. Some parts of Salt Lake City have even begun to look like ghost towns, with the economy negatively impacting local residents.
Look at Detroit as being the poster child for what can happen when many abandon their properties.
This situation can cause much stress and worry, but just remember to stay calm and focused. Foreclosures have harshly negative effects on credit reports and are likely to prevent one from buying a home for a number of years. If you do sell your home but leave an amount which is unpaid, the mortgage lender can use legal means to attempt to recover their loss.
Yes, this experience is very stressful, but there are options:
- See if your mortgage lender will negotiate. Financial institutions such as banks are highly aware of citizens who are struggling in Salt Lake City. If you’re current on your payments, you might hold some leverage allowing you to renegotiate your loan terms. Banks like to avoid foreclosing on properties so may prefer to help you if you haven’t fallen too far behind on payments. They could offer you a forbearance or loan modification.
- Ask the government for assistance. In the recent past, the government has initiated a few programs to assist struggling property owners. The Home Affordable Modification Program (HAMP) is a program that helps homeowners by allowing them to modify their mortgage loans, thereby reducing their monthly loan payments. The Home Affordable Refinance Program also helps property owners who are current with paying back their payments to refinance from an adjustable rate loan to a low-interest, fixed-rate home loan. Both programs require applicants to qualify for eligibility.
We are aware of how much stress the possibility of losing your home can cause. But, do not feel like you’re alone. Many families and individuals across Salt Lake City are experiencing the same issues. A foreclosure can have a long-lasting detrimental effect on your financial life, and moving quickly to take advantage of all available options is key. You may just be able to rescue your home and credit from disaster.
We are here to help… Get in touch with us today to see if we can help you avoid foreclosure. We do not charge fees… We will go over your situation and present your options to you so that you can get on with your life and put this foreclosure in the past.