If you’re behind on payments for your property and are worried about it getting foreclosed, you’re in the right place. While foreclosures are on the rise, there are still a number of options you can consider when trying to save your home. In this article, we’re going to look at them. While foreclosure is a big concern, you’re not there yet. Hopefully, one or more of these tips could be enough to fix the problem for you.
Don’t ignore the issue and speak to your lender as soon as possible
One reason many people lose their homes is because they bury their head in the sand in the hope the problem goes away. That’s not normally the best way to fix these things. While it’s not surprising that some people don’t want to tell those they know about the problem, and are keen on keeping quiet, you should really reach out and tell your lender as soon as you know you’re having problems repaying. They can offer genuine, actionable advice, or they might be able to come up with an altered payment plan that works for both of you. They don’t really want your house — they want to get repaid — so even if they have to alter the payment plan, it might still be an option they’re happy with.
Make sure you check all your mail
Another reason people lose their homes is because they ignore the problem by not opening their mail. Make sure you open everything and know exactly where you stand with regards to payments and warnings.
Know your mortgage rights
Make sure you’ve checked your loan documents carefully so you know what your rights are, and what your lenders are and are not allowed to do. Learn how much time you’ve got in certain situations and check state laws with regards to foreclosing loans. You could consider using a housing counsellor for advice here.
While this one might be a bit obvious, it’s also quite hard to do at short notice. But if you’re not earning enough money to make payments, you might need a job that pays more. If this isn’t a good option, you could consider taking a second job in the evenings or on weekends to supplement your income. It won’t be pleasant for a while, but it could be worth it if you get to keep your home.
One other option is to be honest with your boss and ask for a raise, or even just an advance on your pay for a bit. You might be surprised how willing some people are to help if they know your full situation.
Again, this one might seem obvious, but if there are things you can cut back on to save enough to pay your mortgage, then do it. Do you really need those car payments? Your vehicle might be important to you, but is it as important as your home?
As well as cutting spending, you might also want to sell some assets to raise some extra cash for payments.
If you think your home has been or is about to be foreclosed wrongfully, then you can look for a wrongful foreclosure loan mod attorney.