Featured News

Categories: Real Estate Resource

Foreclosure Solutions: Saving Your Home before Foreclosure

If you're facing foreclosure, chances are high that you are feeling a little defeated and discouraged. You don't have to let your situation get you down, however. It's not over until someone says you have to leave, and you can prevent having that happen if you try these solutions before you throw in the towel on the foreclosure prevention fight.

Deferments and Forbearance
If you haven't tried to get a deferment or a forbearance, now would be the time to request one. Both arrangements will allow you to wait a while before you pay any more bills. The difference between the two is that the deferment will allow interest to build on you, and the forbearance won't.

Loan Modification
A loan modification is something else that you can request if you hire a foreclosure attorney. The attorney can help you by putting the paperwork through for a loan modification. A loan modification is a reworking of the initial agreement that you had with the mortgage company. They may grant it to you if you have experienced a drastic change in your household or living situation. Examples of events that may prompt an approval of a loan mod request are deaths in the family, additions to the family, job loss or disability. Some other situations may warrant an approval, as well.

Mortgage Negotiation
Mortgage negotiation is a process that you can get an attorney to go through. The attorney will contact the bank and attempt to renegotiate the entire mortgage process. He or she may find that the original deal that you received was not a good one. The attorney may bring up that the original agreement has holes in it and use that leverage to get you a new deal. It has worked for many other people, so it is worth a try.

Emergency Orders
One more thing that you can try is a request for emergency leniency. Sometimes things happen that devastate a homeowner's entire world. If something like that has happened to you, you can ask for an extension through the courts so that you will have just a little bit more time to gather some funds and take care of that bill.

Don't feel despaired. Try one of the previously mentioned resolutions before you give up and let your home go. You may find that you are able to bounce back and fully recover from the disaster.
About the Author: Lizzie Weakley is a freelance writer from Columbus, Ohio. She went to college at The Ohio State University where she studied communications. In her free time, she enjoys the outdoors and long walks in the park with her 3-year-old husky Snowball. If you are facing the possibility of losing your home, Lizzie suggests consulting a foreclosure attorney.

Lizzie Weakley

Lizzie Weakley is a freelance writer and Realty Biz News contributor.

Recent Posts

7 Real Estate Marketing Ideas for Successful Sales in 2023

Real estate is an ever-evolving industry, and the competition to make a name in it…

13 hours ago

This Week's Top Agents Focus - Reno, Nevada

Reno, like almost every other real estate market in the U.S., is experiencing a cooling…

16 hours ago

How to Market Pinterest to Home Buyers

As a real estate agent, you likely are aware of the importance of social media marketing to…

20 hours ago

Housing Market Shifts: Property Rental Grows More Affordable as Home Ownership Increases in Cost

As the economic landscape shifts from 2022 into 2023, adjacent industries like the real estate…

20 hours ago

Advocates Praise FHA’s Expansion of Access to Foreclosure Alternatives

National Consumer Law Center (NCLC) advocates applaud the Federal Housing Administration’s (FHA) decision yesterday to…

24 hours ago

CENTURY 21 Blue Marlin Pelican expands Management along with Company Growth

Jerry Sullivan, Broker, and PJ Louis, General Manager of CENTURY 21® Blue Marlin Pelican recently announced Sandy Early as…

1 day ago