While the housing market is rebounding, many people in Salt Lake City are still struggling to make their mortgage payments.
If you’re underwater on your home, or having trouble keeping up with your monthly mortgage payments, you could be fearful that your mortgage provider is going to foreclose.
Thankfully, there are a number of things that you can do to avoid foreclosure in Salt Lake City. It’s important to remember that starting quickly is absolutely paramount, and could save your credit rating, your home or get you MAX money for your house. Please trust me on this one. I see people that wait until the last minute ALL THE TIME…actually I see this weekly. Waiting can cost YOU A LOT.
So lets dive in on a couple quick tips on possibly how to avoid foreclosure in Salt Lake City with your home.
2 Keys of How To Avoid Foreclosure in Salt Lake City
1…Take Some Sort of Action Now
Many people simply give up and walk away from their home. This happens in areas of Salt Lake City all the time. I see it especially in West Valley City and the Kearns areas.
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 it’s extremely stressful, you do have options:
• Negotiate with your mortgage lender. Banks and other financial institutions are well aware that citizens of Salt Lake City 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. Over the last seven 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.
• File Bankruptcy. I can refer you to a great BK attorney for No Cost advice. I think bankruptcy is the least expensive and has the highest chance of success IF you want to keep your house. Yes even over loan modification. Ask me why anytime. I make no money from referring an attorney to you.
• Sell Your House. The key here is to decide early in the process if you want to sell your house. There are many factors that will impact how much you can get for your house. Please call 801-382-9199 anytime to ask me questions about this. We may be able to pay full price. So if you have asked, can I sell my house in foreclosure…Yes you can.
We understand that the possibility of losing your home can be stressful. You aren’t alone. Citizens all over Salt Lake City 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.
Give us a call anytime at 801-382-9199 or
fill out the form on this website today! >>
2…Be Proactive and Diligent
Whether you try a Modification, Bankruptcy or want to sell your house, be proactive throughout the process. If you are trying a modification, do what the bank says & give them complete information and follow up; if you want to file bankruptcy, do what the attorney says & give them complete information and follow up; and if you want to sell your house…Please call Gary at 801-382-9199. If you want any advice on Modification or Bankruptcy, I am also just a call away. I am happy to help.