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
–
- Forbearance
- Repayment
- Loan modification and re-finance
- Short sale
- Bankruptcy
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.
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