The answer is YES! (but with caveats, read below for more details)
Can I Work With The Bank To Prevent An Expensive Foreclosure On My House In Reston?
There are many ways to avoid an expensive foreclosure in Reston.
Your first step if you’re trying to avoid foreclosure in Reston is to speak with your loan provider immediately to examine your choices to prevent home foreclosure. Do not delay, time is your most valuable asset in this situation. The longer you wait to figure out your options and take action the less options you may have.
You have to take action prior to getting too far behind on your mortgage payments in order to halt house foreclosure. You should contact your financial institution immediately once you know you are likely to miss a home loan payment and inform them what is going on with your financial situation. Don’t feel ashamed or embarrassed. Banks deal with these issues all of the time! Your mortgage loan organization would much rather work something out with you than go through the actual foreclosure process themselves. Foreclosures are expensive and time consuming for all parties involved, including your bank! The last thing they want to do is foreclose. Often they will work with you on alternative solutions IF you give them the time and a reasonable explanation.
You need to be open and honest with your mortgage company.
Often times, if you contact the bank early on after missing a payment or two, they are willing to work something out with you to defer payment or reduce your monthly payments. Loan modifications are very common in cases of financial hardship and it never hurts to see what the bank is willing to do. In cases where you miss one or two payments but then are capable of start paying again, they will usually tack those payments back to your home loan and consider you caught up on your mortgage. That said, if you ignore notices and phone calls, the financial institution will be less likely to accommodate you if you do not talk to them about what is going on.
Should you pay your mortgage or your card payments?
The best way to prevent home foreclosure is by ensuring you consistently pay your mortgage on time. Your mortgage is an essential monthly bill you have and should always take priority over all else. Credit cards should certainly never take priority over your house loan repayment. It is much easier to deal with the consequences of not paying your cards than the implications of failing to pay your mortgage and going into a foreclosure situation.
Failing to mak timely payments to your mortgage is the worst thing you can do with regard to your credit score. Getting behind on other sorts of debt like credit cards or car notes will never harm your credit as much as getting behind on your home loan. Not paying your mortgage loan could cause you difficulties with your credit cards regardless to it is best practice to make the mortgage a priority over all other debt.
Is selling your house in Reston VA a way to avoid foreclosure?
One way to prevent home foreclosure is to pay your loan off all together or enlist the help of a savvy investor to help rebuild your credit. This can be accomplished by selling the house for cash straight up or on creative terms.
You could free yourself from the financial hole you are in by selling your house for sufficient cash to pay the home loan off altogether, and if you have enough equity perhaps take care of some other debt as well. Sometimes if you’ve made a really wise investment or you’ve lived in a property for a significant amount of time, you may be able to have money left to start over again. This is an excellent approach to prevent foreclosure of your Reston house and avoid a disaster on your credit score at the same time.
Another way to stop property foreclosure in Reston is to really cut your spending right down to the bare minimum. If you’re able to reduce your expenses adequately you could avoid having to offer to sell the house you love. For anyone who is self-employed, one method to spend less would be to stop renting an office and make a workplace at home. You could also think about selling a car and having just one that you share.
You can definitely proactively do something to stop your home from going into foreclosure and harming your credit and financial situation even further.
We Buy Local Reston Houses… Can We Make You An Offer?
Here at Sell Simpli, we buy houses in Reston VA and surrounding areas and we may be able to help you get out of your house and avoid foreclosure.
The process is really simple:
- Fill out the form over here, or call us at 703-544-7516 and we’ll make you an offer within 24 hours
- If you accept the offer we’ll get the documents drawn up and come out and visit you in your home to go over the paperwork
- We buy your house when you want us to (in as little as 7 days) at a reputable local closing agent
That’s it!