With interest rates sky high and the market still unstable, many people in Reston are struggling to make their monthly mortgage payments and make them on time. Does this sound familiar?
If you are upside down on your home, or you’re having trouble keeping up with your monthly mortgage payments, you may begin to wonder if your lender will foreclose.
Don’t worry, there are many ways to avoid foreclosure in Reston. It’s important to understand that acting quickly and without hesitation is the key that could save your credit and your home.
Let’s take a look at a few tips on how to avoid foreclosure in Reston.
The Keys of How To Avoid Foreclosure in Reston – Don’t Throw in The Towel!
Many people will give up and walk away from their home all together because they feel they have no other option. There are many Reston homes that are sitting vacant and abandoned right now as the economy, interest rates and foreclosures have impacted residents significantly. Don’t allow yourself to fall victim to those circumstances.
Although foreclosure can be a stressful situation, it’s important to keep your head on your shoulders and act fast. Don’t wait until the last minute, a foreclosure will have a huge negative impact on your credit and prevent you from renting or purchasing a home for years to come.
While it may be an extremely stressful situation, you do have options:
• Negotiate with your mortgage lender. Banks and financial institutions are well aware that Reston property owners are struggling. If you haven’t missed a payment yet, you may have some leverage to renegotiate the terms of your loan. Banks don’t want to foreclose on homes they just want to be paid back. Many will work with you if you aren’t too far behind and have good credit. You may be offered forbearance or even a full loan modification depending on your situation.
• Ask for help from Uncle Sam. Over the last several years, the federal government has implemented a number of programs to help struggling homeowners. The Home Affordable Modification Program (HAMP) for example, allows struggling homeowners to modify their loans and reduce monthly payments. HAMP allows homeowners who are current on their mortgage payments to refinance adjustable rate mortgages into a low-interest, fixed rate loans. Programs like HAMP and many others are subject to eligibility requirements sit always check with your local agencies first to see if you qualify.
Keep in mind, you are not alone. Citizens all over Reston are going through the same troubles. Foreclosure can have a lasting effect and it’s important to move quickly and take advantage of any options available. You could save both your credit rating and remain in your home.
Sell Simpli can also help you avoid foreclosure… connect with us today and let’s discuss your situation. We don’t charge any fees, we’ll evaluate your situation and present you with options so you can move forward and get this foreclosure behind you.