No one becomes a homeowner with the thought of someday losing their home. Buying a home is meant to provide people with new opportunities for growth. However, when times become tough, the exact opposite can happen. It’s easy to get caught up in the emotional aspects of potentially losing your home but staying determined, focused, and optimistic is the best thing you can for yourself and your family.
As soon as you realize you’re not going to be able to make your full monthly mortgage is the time to seek help. The sooner you take action, the sooner you’ll be in a better position to avoid foreclosure. Foreclosure doesn’t have to be the only option. By doing the following you can avoid losing your home:
Speak With Your Mortgage Lender
Avoiding phone calls, throwing away letters, and sending emails to the trash bins are things not to do when you fall behind on your mortgage. Instead, be proactive. Ask to arrange a meeting with your mortgage lender. Explain to them your situation and see if a lower monthly plan would be available until you get back on your feet. If having lost your job is the reason you’re struggling to pay your home, your lender should know this. Lenders have dealt with many similar situations and will be able to offer a potential solution based on your situation. To them, ignoring their calls, emails or letters is a sign of negligence and a lack of care.
Be Skeptical of Any Foreclosure Offer That Sounds Too Good to Be True
Ever heard of a foreclosure specialist? If they haven’t already reached out to you, individuals with this type of title will contact you as soon as your home goes into pre-foreclosure. The offer typically begins with a sympathetic “Let us help you — we’ve seen many people go through the same thing, that’s why we’re here to help.” Then, they’ll offer you a loan to cover the costs. It all sounds great and can certainly be what you need to remain in your home but the terms will leave you in a worse position. Paying back these loans will be nearly impossible given their extremely high interest rates. Do your research before signing on the dotted line.
Contact a Cash Home Buyer in El Paso
Allowing your home to go into foreclosure will leave you without a home and without the means to move on from the situation. However, one option you’ll want to consider is selling your home for cash. As cash home buyers, we buy homes in pre-foreclosure at a competitive cash offer so that you can avoid ending up without the means to secure your next move. Since you don’t have to make any changes to your home, the move, though it will be difficult will come at no additional cost to you. We don’t collect closing fees and we don’t charge a commission.
Falling behind on your mortgage can hit you like a ton of bricks. From one day to the next it can feel like everything has changed for the worse. Seek help today by giving us a call.