Facing Foreclosure?

Are You Behind On Payments or Do You Owe More Than Your Home Is Worth?

What Can You Do If You're Facing Foreclosure?

If you’re like most homeowners, you never planned on missing a mortage payment.  It just happens.  You miss one payment, then another, and another.  Before long, you owe thousands of dollars and have no means to pay the large sums that are overdue.  

And that’s just the beginning.  More times than not, you can’t get out of the hole and you’re faced with an inevitable foreclosure.  At that point, you may be tempted to hide from the bank.  It’s natural to feel overwhelmed, even scared.  But you don’t have to feel helpless.  There are many ways to avoid foreclosure.

Or, you may still be making your payments but you have an “upside down” or “underwater” mortgage (also known as negative equity)…all terms to describe when you owe more than the current market value of your home.  You’re not alone – many homeowners have negative equity due to the condition of the housing crisis which has caused most real estate prices to decline year after year.  

You may consider selling your home to get out of your bad situation.  But in today’s market, many buyers are not willing to offer a price high enough for you to pay the bank what you owe.

What can be done?

If you’re behind on payments or owe more than your home is worth, lenders (bank who owns your home loan) are willing to give you practical alternatives in order to prevent foreclosure.

If you try a loan modification or refinance and that doesn’t work, another option is to try a short sale or a deed-in-lieu of foreclosure.  There are also government programs available to help lower your payments and keep your home, or to protect you from paying money you don’t have if you sell your home short.

This is just a brief sample of the many alternatives to foreclosures. Call me at (603) 644-2227 or e-mail me today at moearchambault AT yahoo DOT com to get a detailed report outlining the steps you can take to avoid foreclosure.