If you have found yourself on the brink of foreclosure, there are a few things you can do to avoid losing your house to the bank. In our latest post, we will outline several ways you can stop the bank from foreclosing on your New Orleans house!
Nobody wants to find themselves in a place where they can potentially lose their home. Between the financial loses and the mental anguish, you can find yourself broke, tired, and completely stressed out. However, there are a few things you can do to get yourself out of this unfortunate situation.
Sell It Fast
The best way to get out of foreclosure is to sell your house as soon as possible. You don’t have to sell cheap. You can sell it to a professional home buyer such as Louisiana Direct Home Buyers, or you can attempt a quick FSBO. By selling fast, you can pay off the mortgage and leave the house that has been creating stress. Make sure you work with a reputable home buyer or do your research so you can confidently sell it on your own.
Negotiate Out Of Foreclosure
In some cases, you can contact the bank and negotiate a way out. It costs banks time and money to go through the foreclose process, so they don’t typically like doing it. Before going with a forbearance agreement, try calling your lender and explaining your situation. As long as missing payments aren’t typical for you, you may get a some slack. Never be afraid to call your lender to create a payment plan that works for you.
Find Out About Forbearance Programs
A forbearance program offers short-term assistance to homeowners who are in tough situations. Until the forbearance period ends, the lender holds off on the foreclosure process. The borrower will have reduced or no payments. To stop foreclosure, all missed payments must be paid when the forbearance period ends. It may be a good solution up front, but making the back mortgage payments can be challenging for those who were tight on money in the first place.
Look Into A Loan Modification
A loan modification is a long-term alternative to managing a mortgage payment that you can’t consistently make. Perhaps you’ve gone through a major change and can no longer pay what you used to. You can talk to your lender to modify the loan, however, this often increases your interest rate. Modifying your loan can be a great solution which allows you remain in the house without struggling to make monthly mortgage payments.
Are you facing foreclosure on your house in New Orleans or the surrounding areas? We can help stop the banks from taking your house and destroying your credit!
Avoid Losing Your House To The Bank!
Ready to sell your New Orleans house? We can help! Send us a message or give us a call today! (504) 500-5608