If you have found yourself on the brink of foreclosure, there are a few things you can do to avoid losing your house to the bank. In our latest post, we will outline several ways you can stop the bank from foreclosing on your Northern Kentucky house! Whether you live in Florence, Erlanger, or Fort Thomas, we help homeowner all over NKY who are facing foreclosure.
Nobody wants to find themselves in a place where they can potentially lose their home. Between the financial loses and the mental anguish, you can find yourself tired, broke and completely stressed out. However, there are a few things you can do to get yourself out of this unfortunate situation.
Sell It Fast
This might sound like a no-brainer, but the best way to get out of foreclosure is to sell your house as quickly as possible. You don’t have to sell it for pennies on the dollar, you can choose to sell it to a professional home buyer such as We Buy NKY Houses, or you can try to pull off a quick FSBO.
By selling your house quickly, you will be able to pay off the mortgage and say goodbye to the house that has been causing you stress. Make sure you are working with a trustworthy home buyer or have done all your homework to confidently be able to sell it on your own.
We recently sold a home in New Richmond, OH where the seller was facing foreclosure. Did he net a lot out of the sale? No. However, he was able to pay off multiple mortgages and liens that were threatening his financial future in a bad way.
Negotiate Out Of Foreclosure
In some cases, you will be able to contact the bank and negotiate your way out of foreclosure. At the end of the day, banks don’t like foreclosure. It costs them a lot of time and money to foreclose on a property. Plus, a foreclosure in a neighborhood will drop home values for properties nearby.
Short of a forbearance agreement, try to call your lender and explain your situation. You will likely get a little slack so long as missed payments aren’t the norm for you. Some people are hesitant or afraid to call their lender. Don’t be. If a solution can be created, the bank would rather work with you and avoid the foreclosure process altogether.
Find Out About Forbearance Programs
A forbearance program will provide short-term assistance to homeowners who have found themselves in a tough situation. The lender will hold off on the foreclosure process until after the forbearance period ends. During the grace period, the borrower will have a reduced payment or be able to avoid it entirely.
To stop foreclosure, you will need to be able to pay all missed payments at the end of the forbearance period. It might be a good solution up front, however making the back mortgage payments can prove difficult for people who were tight on money in the first place. You can read more about forbearance programs in KY at this site.
Look Into A Loan Modification
A loan modification is a long-term alternative to managing a mortgage payment that you are consistently not able to make. Maybe there was a loss in a family or other major change and you can no longer pay what you used to. You can work with the lender to modify the loan, however, this will often increase your interest rate. Having your loan modified can be an excellent solution that allows you to stay in the house without fighting to pay your mortgage each month.
Are you facing foreclosure on your house in Northern Kentucky cities such as Burlington, Alexandria, Independence or Newport? We can help protect your credit. We buy houses all over NKY, and we have 5 star Google rankings from our sellers. We will listen to you and treat you with respect! And ultimately, we will help you solve a problem, so that you can get on towards the next step of your life. Call Eric today to learn how we can help you avoid losing your house to the bank in Northern Kentucky.