How To Keep Your Home From Foreclosure
Have you lost your job or had other life circumstances that have forced you to fall behind on your mortgage payments? Are you still struggling to make ends meet without much hope in site? Well, you’re not alone.
Thousands and thousands of people in the twin cities area are in exactly the same position you are, but you’ve got one up on them. You’re seeking help. You’re not ready to let it happen. You’re trying to AVOID FORECLOSURE altogether – and that’s the first step to getting help – asking for it.
We can’t help everyone and some circumstances are beyond our control, but that doesn’t mean we shouldn’t try our hardest to prevent foreclosure. If you’re still in the beginning stages, there’s a very good chance we can help you. And we know what we’re doing.
We have agents on the team that specialize in this – that’s all they do, all day, every day. And no need to be embarrassed, everyone needs help sometime. We know it’s nothing you did wrong, just life circumstances that are unpredictable in an unstable economy. If you’re still trying to understand the process, you may wish to visit our page on “How Foreclosures Work” to get a basic overview.
Given the current realty market, unfortunately for many people they owe more on their home than it’s actually worth in today’s real estate climate. If you’re in that situation, let’s look at your options realistically to see where in the spectrum you might fit:
- Your first possibility is to find a way to catch up on your mortgage, stay in your home and stay caught up in payments, repairing your credit at the same time. Some banks are willing to re-negotiate mortgages rather than end up with another property on their hands. It is worth time to call your mortgage company and find out if you’re a candidate. And if you are sometimes they can roll your missed payments into the back end of the loan (essentially get you caught up) and you just need to stay caught up.
- If you couldn’t stay caught up, even if you got temporarily caught up then we need to look at our other options. The first is to get a Realtor to negotiate a short sale with the bank. A short sale is where the bank agrees to accept less than the full mortgage amount. It is required that a 3rd party does the short sale negotiating for you (you can’t do it on your own behalf) and a Realtor is usually the one to do this, since it is part of their job. If they can do it successfully, you will be able to get out from under your home and avoid foreclosure altogether.
- Another option to avoid foreclosure when you owe more than your home is worth is to sell, then you must bring to the closing table the amount of money that will cover the balance of the mortgage plus your closing costs and real estate commissions. But, for most people, if they had that kind of money they wouldn’t be in foreclosure.
- Lastly, if none of the above is working for you, the last option is to simply let your property go into foreclosure and move on. It can be a sad thing to do, but if financial circumstances do not improve, sometimes it is the only option.
Call or email us if you have any questions about Avoiding Foreclosure and Keeping Your Home – we are happy to help!
Direct Line: 612-644-5380
Email: [email protected]