We’re coming out of the Corona Virus lockdowns, and while the job market seems to be rebounding better than expected, there’s still a lot of uncertainty ahead. Will the economy recover as quickly as it fell? Will the virus make a comeback and force more quarantine orders? And what about those millions of people whose jobs haven’t come back yet? Those folks are going to struggle to make their mortgage payments, if they aren’t already.
If you’re underwater on your home, or having trouble keeping up with your monthly mortgage payments, you could be fearful that you’re headed toward foreclosure. Now is the time to make a plan.
Thankfully, there are a number of things that you can do to avoid foreclosure in Salem, Monmouth, and throughout the Willamette Valley. The sooner you deal with your mortgage situation the more options you’ll have, so it’s important to remember that acting quickly is absolutely paramount, and could save your credit rating and your home.
Let’s dive in on a couple quick tips on possibly how to avoid foreclosure in Salem with your home.
The Keys of How To Avoid Foreclosure in Salem: Don’t Abandon Ship
Many people simply give up and walk away from their home. Some wait so long that they have no choice but to walk away. Detroit is a prime example of what can happen when too many people go into foreclosure and many have to abandon their homes. There are literally hundreds of city blocks that are used to be full of houses and families that are more like a ghost town now. I certain don’t expect Salem to end up like that. But if the housing market crashes, wouldn’t you rather be ahead of the game, taking control of your situation instead of waiting for economic factors to determine your fate?
This can be stressful situation, so 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. If you sell your home, you could leave a portion of the loan unpaid, and the lender could pursue legal action against your for the unpaid portion.
While it’s extremely stressful, you do have options:
• Negotiate with your mortgage lender. Banks and other financial institutions are well aware that citizens of Salem are struggling. If you haven’t missed a payment yet, you may have some leverage to renegotiate the terms of your loan. Banks don’t like foreclosing on homes, and many will work with you if you aren’t too far behind. You may be offered forbearance, or even a full loan modification.
• Ask for help from Uncle Sam. Since the previous financial crisis, the federal government has implemented a number of programs to help struggling homeowners. Some of the programs that you may have heard of have expired, but there is still help available. Start with seeking out a housing counselor approved by the Department of Housing and Urban Development (HUD).
We understand that the possibility of losing your home can be stressful. You aren’t alone. Citizens all over Salem 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… connect with us today and lets discuss your situation. We don’t charge any fees… we’ll evaluate your situation… and present you your options so you can move forward and get this foreclosure behind you.