Expert Insights: If Faced With Foreclosure, What Are My Options?
Expert Insights: If Faced With Foreclosure, What Are My Options? by Steve Wadkins
Talk with your lender immediately. The lender may be able to arrange a repayment plan or the temporary reduction or suspension of your payment, particularly if your income has dropped substantially or expenses have shot up beyond your control. You also may be able to refinance the debt or extend the term of your mortgage loan. In almost every case, you will likely be able to work out some kind of deal that will avert foreclosure.
If you have mortgage insurance, the insurer may also be interested in helping you. The company can temporarily pay the mortgage until you get back on your feet and are able to repay their “loan.”
If your money problems are long term, the lender may suggest that you sell the property, which will allow you to avoid foreclosure and protect your credit record.
You could consider a Short Sale. This is where I would assist you into short selling your house. While this will not save your house, it is not as damaging to your credit rating as a foreclosure. Exhaust all other viable options before making a decision.
If you would like, call me 702-281-8288 and I can give you ALL options to help you.
Steve Wadkins – Broker/Owner
We Real Estate Group
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