Many people will do anything to avoid the foreclosure of
a home they have been living in for a large portion of their lifetime. While
avoiding foreclosure can be challenging, it is possible if the proper financial
options are utilized. By learning how to stop foreclosure, keeping the house of
your dreams should be achievable.
Take Advantage of Available Government Loan
Support
For those who decided to take out an adjustable
rate mortgage on their home, it may be impossible to afford monthly payments
when the interest rate goes up due to market forces. Thankfully, government
programs exist to help ease the stress that this can cause on the average
homeowner. According to Street
Directory, "The government provides FHA-insured refinancing
loans to qualified homeowners who may be facing foreclosure due to
adjustable-rate mortgages or interest-only mortgages that are set to reset.
This program is available to anyone who has a non-FHA insured loan, regardless
of their payment history. You also have the ability to roll your first and
second mortgage into a single FHASecure loan."
Set up An Agreement with the Lender
Most lenders are flexible when it comes to
setting up agreements that prevent foreclosure from occurring. Lenders tend to
lose a lot of money in the foreclosure process, so they are typically willing
to work with a homeowner in order to prevent it from occurring. Options include
a forbearance agreement that freezes payments until your finances are back in
order, a repayment plan that allows for missed payments to be paid back over
time or a partial claim where the lender loans you the necessary money to make
payments interest free.
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