Despite the improvement in the housing market, many Springfield, Ohio residents are still facing difficulties in paying their mortgage. If you are struggling with mortgage payments and fear losing your home to foreclosure, it is crucial to act quickly to preserve your credit and keep your property. Here are a few tips on how you can prevent foreclosure in Springfield.
The Keys of How To Avoid Foreclosure in Springfield Don’t Abandon Ship
Many people simply give up and walk away from their home. There are even areas of Springfield 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 in mass.
This can be an incredibly stressful situation, but it is essential that you keep your wits about you. A foreclosure will have a huge negative impact on your credit score, and likely prevent you from purchasing a home for years to come in the future. If you sell your home, you could leave a portion of the loan unpaid, and the lender could pursue legal action against your to get the unpaid portion from you.
That said, you DO have options:
• Negotiate with your mortgage lender. Banks and other financial institutions are well aware that citizens of Springfield are struggling. If you haven’t missed a payment yet, you may have some leverage to renegotiate the terms of your loan with your lender. Most banks don’t like foreclosing on homes (it is time consuming, emotionally difficult, and costly), and many will work with you if you aren’t too far behind yet. You may be offered forbearance, or even a full loan modification to help you out.
• Ask for help from Uncle Sam. Over recent years, the federal government has implemented a number of programs to help struggling homeowners. One such program is the Home Affordable Modification Program (HAMP) that allows struggling homeowners to modify their loans, reducing monthly payments. The Home Affordable Refinance Program allows homeowners who are current on their mortgage payments 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. Citizens all over Springfield 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 by purchasing the home directly from you… connect with us today and let’s discuss your situation and we can see if we can help you. We don’t charge any hidden fees or costs… we’ll evaluate your situation… and present you your options so you can move forward and get this foreclosure behind you.