The economy today is still in a pretty rough place. People of all walks of life and economic stature are feeling the sting. Many are losing their jobs, and it is taking a much longer time to find new employment than in years past. This has had a dramatic impact on the housing market, as more people are finding they cannot afford to pay their mortgage. This has caused home foreclosures to increase, as more individuals are not able to pay their loans, and the loans default. Here are a few Foreclosure Prevention tactics that can stop you from losing your home.
If you know that you are not going to be able to pay the full amount for your home loan, then you need to act as quickly as possible. One thing you can do is contact the lender of the loan and ask for a deferment. If you make it clear that this is only a bump in the road, and you fully plan on getting back on track with payments, the bank might consider approving your deferment. This means that you will not have to pay on the loan for a set number of weeks or months, allowing you time to find new employment or pay off other bills so that you can start saving for the mortgage again.
Another Foreclosure Prevention option you have is to short sell your home. This means that you seek to find an interested buyer for your house, who is willing to pay less than what is actually owed on the loan. Negotiations with your lender can lead to the bank deciding to take the lower amount, and count the loan paid in full. This helps you to get out from under the mortgage quickly.
It is highly recommended that you seek out an attorney for counsel. A good lawyer can help you establish what options you have available, and which one will work best for you in your current situation. You can do a quick Internet search for attorneys in your area, or ask a neighbor or friend to refer you to a firm.
