Save Your Mobile,AL Home!
The following tips are intended to help you avoid foreclosure.
Don’t Wait to Take Action
Do not wait to receive a foreclosure notice for nonpayment. If you are indeed facing tough times, make sure that you let your lender know of your situation. It wouldn’t hurt to let them know of your intentions to correct the situation and make up your back payments. Talking with your creditors is a great way to try and work a payment plan out that benefits both parties.
This is where you negotiate with your lender to modify the terms of your existing loan. You of course want to get the best terms possible that will enable you keep the payments on the loan current. The bank, on the other hand, wants to make as much as they can, but also wants you to keep the payments up. You will most likely talk t0 a loss mitigation representative at the bank. Keep in mind that anything you say to this person is NOT confidential. It can be and will be used against you, so be careful with what you say.
Make sure you prepare yourself before talking with your lender’s loss mitigation department. You will want to have proof in the way of paystubs, other proof of income and bills paid for the past year. You might also be asked to give them copies of your tax returns for the past two to three years.
You could also try several debt management companies out there to help you manage your debts and handle your mortgage payments properly. Be sure to check out the companies and agencies you are considering thoroughly as there are a lot of companies with bad reputations as well as potential outright scams. With these management plans, you could be given the opportunity to consolidate your debt into one loan. Most companies will even offer a lower interest rate to entice you to consolidate your loans into one big loan. Just make sure that they payment for the new loan is something that you will be able to make, or you will be right back where you began.
Sell The House Before The Foreclosure Date
As a last resort, you can sell your house before the foreclosure date. We can pay cash for your house so that you can avoid all of the negative effects of foreclosure. We can pay off your defaulted loan and arrears when we buy the house. You will most likely even walk away with some cash to help you get back on your feet.
If this choice seems like your best chance to turn a bad situation into something that gives you hope, fill out the form so that we can make you cash offer right away.