While the housing market is taking a hit, many people in Alabama are still struggling to make their mortgage payments. Covid has made it hard on everyone.
If you’re underwater on your home, or having trouble keeping up with your monthly mortgage payments, you could be stressed that your mortgage company is going to foreclose on you.
NOW Thankfully, there are a number of things that you can do to help avoid foreclosure in Alabama. It’s very important to remember that acting quickly is absolutely paramount, and could save your credit rating and your home.
So lets get into a couple quick tips on possibly how to avoid foreclosure in Alabama with your home.
The Keys of How To Avoid Foreclosure in Alabama Don’t Abandon Ship
Many people simply give up and walk away from their home. This is the worst thing you could do. There are areas of Alabama have begun to resemble ghost towns, as the economy has impacted residents significantly. REMEMBER that house is YOURS till the bank takes it back and files an eviction.
Detroit is a prime example of what can happen when people abandon their homes.
This can be stressful situation, but it’s extremely important to 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 this is extremely stressful, you do have options:
• Negotiate with your mortgage lender. Banks and other financial institutions are well aware that the people of Alabama are struggling. If you haven’t missed a payment yet, you may have some leverage to renegotiate the terms of your loan. REMEMBER the bank doesn’t want your home it just wants to get payed. 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. It never hurts to ask!
• Ask for help from Uncle Sam. Over the last five years, the federal government has implemented a number of programs to help struggling homeowners. The Home Affordable Modification Program (HAMP) 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 Alabama 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.