What are the Effective Strategies to Prevent Foreclosure in Wilmington?
While the housing market is rebounding, many people in Wilmington are still struggling to make their mortgage payments, raising the number of people in the brink of foreclosure.
If you’re underwater on your home, or having trouble keeping up with your monthly mortgage payments, you could be fearful that your mortgage provider is going to foreclose.
Thankfully, there are a number of things that you can do to avoid foreclosure in Wilmington. It’s important to remember that moving quickly is absolutely paramount, and could save your credit rating and your home.
So lets dive in on a couple quick tips on possibly how to avoid foreclosure in Wilmington with your home.
The Keys of How To Avoid Foreclosure in Wilmington Don’t Abandon Ship
Many people simply give up and walk away from their home. There are even areas of Wilmington have begun to resemble ghost towns, as the economy has impacted residents significantly.
Detroit is a prime example of what can happen when people abandon their homes.
This can be stressful situation, but it’s extremely important to keep your wits about you. A foreclosure will have a huge negative impact on your credit score, and likely prevent you from purchasing a home for years to come. If you sell your home, you could leave a portion of the loan unpaid, and the lender could pursue legal action against your for the unpaid portion.
While it’s extremely stressful, you do have options
We understand the overwhelming stress that comes with facing foreclosure, but the good news is that you have options to help protect your home and financial future. Many homeowners in similar situations have found relief through strategies like loan modification, refinancing, or negotiating a short sale. Each option offers a unique path to either keep your home or minimize the financial impact of foreclosure.
Negotiate with your mortgage lender
Banks and other financial institutions are well aware that citizens of Wilmington are struggling. If you haven’t missed a payment yet, you may have some leverage to renegotiate the terms of your loan to delay the foreclosure.
Banks don’t like foreclosing on homes, and many will work with you if you aren’t too far behind. You may be offered forbearance, or even a full loan modification.
Ask for help from Uncle Sam
Over the last five years, the federal government has implemented a number of programs to help struggling homeowners. The Home Affordable Modification Program (HAMP) allows struggling homeowners to modify their loans, reducing monthly payments. The Home Affordable Refinance Program allows homeowners who are current on their mortgage payments refinance an adjustable rate mortgage into a low-interest, fixed rate loan. Both of these programs are subject to eligibility requirements.
Give Jonathan Swanson, Broker @ RE/MAX Essential a call anytime at (910) 538-7737!
We understand that the possibility of losing your home can be stressful. You aren’t alone. Citizens all over Wilmington are going through the same troubles. Foreclosure can have a lasting effect on your financial life, and it’s important to move quickly and take advantage of any options available. You could save both your credit rating and remain in your home.
We may be able to help you avoid foreclosure of your property in Wilmington, NC. Connect with us today and lets discuss your situation. We don’t charge any fees, we’ll evaluate your situation first and present you your options so you can move forward and get this foreclosure behind you.
Contact us now by filling up the form below!