Avoiding Foreclosure & Saving Your Credit

The How To For Avoiding Foreclosure

If you are struggling to avoid foreclosure on your property, there are a few ways you can work to stop this. We are here to help! Check out some of these tips to help you avoid foreclosure:

Don’t Procrastinate

When it comes to making late house payments, procrastination is your worst enemy. If you are in a financially difficult spot in your life, don’t wait to receive a foreclosure notice. Ensure your creditors are fully aware of your situation and talk with them about your circumstances. Work out what you plan on doing about your financial situation and make sure your creditors are aware of your intentions. You’re going to need to correct your financial issues and make up any back payments. Your creditors can help you with a payment plan that benefits both of you.

Loan Modification

Another great way to avoid foreclosing on your house is through loan modification. Talk to your lender about discussing this option, and you may be able to work with them to modify the terms of the loans you currently have. In negotiating to modify your existing loans, you will, of course, want to get the best new terms as you can to allow you to keep up with payments and avoid having to foreclose. This process is going to be a tricky thing to negotiate since the lender is going to want to make as much money as they can, but they are also aware that if the terms are not feasible, you will not be able to make payments on time, and they will lose out anyhow. Throughout this period of discussion, you will likely be talking with a loss mitigation representative at the bank. These individuals are not bound by confidentiality, so be aware of what you say to them and what information you choose to disclose.

Always come fully prepared for these negotiations; otherwise, you could end up in no better a situation than when you started. Bring as much relevant evidence as you can, including proof of income, bills, or specific financial hardships you have been facing.

Debt Management

If you need assistance in managing your debts and mortgage payments, you could also consider turning to a debt management company. These companies can come in a vast range of quality, reliability, and authenticity, so ensure you do thorough research before choosing one. However, if you can find a trustworthy debt management agency with a good reputation, they could help you manage your debts, which could be in the form of consolidating your debts into a single loan and offering decreased interest rates as an additional incentive.

Sell Before Foreclosure

If all else fails and none of these options have worked out for you, you can always sell your house outright before the foreclosure date. There are plenty of house buying companies out there looking to send you a cash offer for your property. At Antioch Properties, we can save you the trouble of dealing with foreclosure and the damages it can do. We will buy your house for cash in its current condition, and we can even pay off any defaulted loans or arrears in the process.

If this seems like the right choice for you, call us today for advice and support at (719)375-2056.