A lot of people in the US are being affected by foreclosure and this virtually ends their dream of owning a home. In those unfortunate circumstances, when a homeowner fails to pay the monthly mortgage, the property is foreclosed. This could be due to a loss of job, or income source, or an increase in the interest rates, which can make it difficult for the homeowners to make the monthly mortgage payments.
Foreclosure is not a happy situation as it not only strips a homeowner off his house, but it also makes it difficult for the homeowner to apply for loan and buy a home in near future. Moreover, the emotional stress of letting go of your house is something that no individual would even think about dreaming. If you are speculating that you might not be able to make the mortgage payments on time and fear that your house could be forfeited, here are a few options that can help you avoid foreclosure –
- Loan modification and re-finance
- Short sale
Foreclosure is not the end. You should communicate with the lender and financial advisors to come out with a plan that can save you from it. Contact your financial advisors and keep alive your dreams of owning your own home.