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If you find yourself unable to pay your monthly mortgage payments, foreclosure may be the next step. During foreclosure your lender may repossess the home following numerous missed payments. If this happens, you’ll be forced to vacate the house. You would lose your home, possibly owe the lender money, and find yourself wading through a tough legal process. Foreclosure is preventable, though.
Ways to Prevent Foreclosure
If you want to avoid foreclosure and remain in your home, the following steps can make all the difference.
- Do not ignore the situation – The further behind you fall on your monthly mortgage payments, the harder time you will have to reinstate the loan. You are more likely to lose your home after missing multiple payments than just one or two.
- Contact your lender – If you realize there is an issue, call your lender immediately. Lenders do not want your home, they want your money. There are options for borrowers who are enduring tough times.
- Keep track of your mail – Often, your lender will notify you of any financial trouble via mail. Be sure to open and respond to all mail received from your lender and keep track of each piece of mail.
- Know your mortgage rights – As a borrower, you still have rights. You should know your mortgage rights. Find your loan document and read through everything to ensure you know what happens when you cannot make payments. Learn about local foreclosure laws and timeframes, too.
- Prioritize spending habits – Oftentimes, homeowners fall behind on their monthly payments because they are spending money elsewhere. Be sure to prioritize your spending habits. Spend less on fast food and entertainment, for example, and put that money towards your monthly note.
If you need to sell your home quick for cash, call We Buy Houses at (832) 981-7470. We will purchase your home for a reasonable amount, no matter the condition. We can even work with foreclosure homes.