While the housing market is rebounding, many people in Salt Lake City, Utah are still struggling to make their mortgage payments.
If you’re underwater on your home, or having trouble keeping up with your monthly mortgage payments, you could be avoiding your mortgage provider because of the fear they may foreclose.
Thankfully, there are a number of things that you can do to avoid foreclosure in Salt Lake City and other areas of Utah. 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 Salt Lake City with your home.
The Keys of How To Avoid Foreclosure in Salt Lake City Don’t Abandon Ship
Many people simply give up and walk away from their home. In some areas of Salt Lake City there were many areas in 2007 that begun to resemble deserted towns, as the state’s economy always has a direct impact on the residents significantly.
Detroit is a prime example of what can happen when people abandon their homes.
This can be a stressful situation, but it’s extremely important to keep everything under control. A Utah foreclosure will have a negative impact on your fico score, and likely prevent you from qualifying for a loan or 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 you for the unpaid portion.
While it’s extremely stressful, you do have options:
• Negotiate with your mortgage lender. Banks and other financial institutions are well aware that citizens of Salt Lake City are struggling. If you haven’t missed a payment yet, you may have some leverage to renegotiate the terms of your loan. Banks are not in the business to foreclose on a home, and many want to work with you if you mortgage payments 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. These programs are subject to eligibility requirements.
We understand that the possibility of losing your home can be stressful. You aren’t alone. Citizens all over Salt Lake City are going through the same troubles. Any Foreclosure will have an effect on your finances, and it’s important to move fast and to take advantage of all options that are available. You could save both your credit rating and remain in your home.
We may be able to help you avoid foreclosure… connect with us today and lets discuss your situation. There are no fees… we’ll come up with a plan for your situation… and present you options so you can move on and get this foreclosure behind you.