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Avoid Foreclosures
Avoid those foreclosures!!!
Loosing your home can be truly devastating. In many instances, it is preventable. In most cases, foreclosures could be prevented with outside intervention.
REALTORS© can advise their clients in their financial matters regarding their home. If you feel you are heading towards foreclosure, a REALTOR© or mortgage lender can advise you and help you locate resources to avoid it. There will of course be difficulties in averting foreclosures but here is some simple advice.
Don't think that it would be better to let the foreclosure happen. You will still need to find a new home after the foreclosure. In many instances rent will be higher than your current mortgage payment. Remember your new landlord has to pay the mortgage on his home too!
It is not uncommon for a foreclosed home to sell for less than the remainder of the mortgage. This deficiency judgment can cost you tens of thousands for the difference. This is very common when the property has suffered damage after a hurricane.
There is a misconception that the banks are ready to foreclose on your home. Foreclosures are the last effort to recoup their losses and it is a tremendous hassle for everyone involved. Most lenders, if given the option, will avoid foreclosures. There are a few resources that can help you if you are trying to keep your home and avoid a foreclosure
The US Department of Housing and Urban Development(HUD) maintains a list of HUD approved counseling agencies. You can call (800) 569-4287 to find the closest agency.
FHA borrowers may qualify to have HUD make a one-time payment to bring their mortgage current. See www.hud.gov/foreclosure for more information on the requirements to qualify.
You can also check with your loan officer to see if it is a possibility to refinance to a more affordable loan program
You may qualify for a new payment structure if you've had an increase in your cost-of-living, such as unexpected medical expenses, or a decrease in wages.
We can help you refinance! Fill out our easy application or call us today at (225) 665-4399
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