If a person has difficulty keeping up with mortgage payments and is headed toward foreclosure, they can take some steps to lessen the severity of the situation. Millions of repossessions have occurred in the past few years, and those receiving foreclosure notices are not alone. Regardless of the financial or personal problems a homeowner faces, below are five things they can do if they are in danger of foreclosure.
Negotiate with Mortgage Lenders
One of the homeowner’s most important steps to stop foreclosure in St. Louis, MO is to remain in contact with the lender and not to ignore calls and letters. Most lenders would rather hear the borrower’s side of the story than hunt them down for repayment. The homeowner should tell the lender why they’ve fallen behind, and they should consider negotiating for an easier payment plan. It is in the lender’s best interest for the borrower to stay on track, and many are willing to work out a plan to keep foreclosure from happening.
Call a Foreclosure Attorney
A local foreclosure lawyer with Stlbankruptcyfirm.com may be able to help a borrower save their home. Debtors shouldn’t be afraid to get professional help because an attorney can find ways to delay or stop foreclosure that the homeowner may not have noticed. Additionally, an attorney can negotiate for a loan modification, ready the home for a short sale, or tell the client about their other legal options.
Contemplate a Short Sale
If the home is worth less than the amount of the loan, the owner could negotiate a short sale. If the lender agrees, they will stop foreclosure in St. Louis, MO. The short sale process will have similar effects on the borrower’s credit, but they may be able to bargain for a “walk away” payment from the mortgage lender.
Consider Selling on the Private Market
Enlisting a real estate agent to help sell the home can be another way to prevent foreclosure. Determine the home’s market value and find an agent offering competitive fees and get the home on the market and sold as fast as possible. This strategy is optimal if the lender will not negotiate or if the homeowner truly cannot afford to catch up on payments.
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