The housing market may be making a comeback, but many people Palm Beach are still struggling with their mortgage payments.
If you are in the same boat as these people, struggling with your monthly mortgage payments, you are likely worried your mortgage provider is going to foreclose.
Fortunately, you can save yourself from foreclosure in Palm Beach. But keep in mind, you have to move quickly to save your credit rating and your home.
So let us look at a couple of quick tips on how to avoid foreclosure in Palm Beach with your home.
The Keys of How to Avoid Foreclosure in Palm Beach: Don’t Abandon Ship
Many people just give up and walk away from their homes. But don’t give up until it is really over. In fact, some areas of Palm Beach have begun to resemble ghost towns, as the economy has significantly impacted residents. You can take lesson from Detroit on what happens when people abandon their homes.
Foreclosure is a very stressful situation to be in but you cannot let things slide and walk away. If your let your property foreclose, it will have huge negative impact on your credit score. This means you will find it very difficult to purchase a property in the future. And if you sell your home, a large portion of your loan is unpaid. The lender will then pursue legal action against you for the unpaid portion. All of this proves that you need to keep your wits about.
So, although the situation is extremely stressful, you do have options
Negotiate with your mortgage lender.
Financial institutions like banks know that citizens of Palm Beach are struggling. They might be willing to negotiate the terms of your loan is you haven’t missed a payment. You may be get a forbearance or even a full loan modification since banks don’t like foreclosing homes anyway.
- Ask for help from Uncle Sam.
The Home Affordable Modification Program (HAMP) helps struggling homeowners with their loan, reducing monthly payments. The Home Affordable Refinance Program helps those homeowners who are regular with their payments to refinance an adjustable rate mortgage into a low-interest, fixed rate loan. Both programs have eligibility criteria.
We understand how stressful the possibility of losing your home can be but our not alone. Many citizens in Palm Beach are suffering in the same manner. But you need to fight foreclosure by moving quickly to use your available option. Otherwise, foreclosure will have a significant negative impact on your financial life.
We may be able to help avoid foreclosure and save you house. So connect with us today and let’s figure out how we can help. We don’t charge any fees, we are just here to help you understand your situation. Once we discuss and you understand your options, you can save your home from foreclosure and move on with your life.
Give us a call anytime at (561) 370-8335 or
fill out the form on the right today! >>