According to the FDIC, 1 out of every 200 mortgages will end in foreclosure. When you stop to think about it, that is a pretty high number. Think about how many people you know, and imagine that one of those people is behind on their mortgage. Is that person you? If you have found yourself in unexpected trouble and behind on your mortgage you may be panicking. If you are behind on your mortgage, here are a few of the options you have.
Talk To Your Mortgage Lender
The first person you should talk to is probably the person you are avoiding. If you are behind on your mortgage it is time to contact your mortgage lender. It may seem easier to ignore their phone calls, but you need to be aware of your debt. Some lenders can offer you options to help you catch up with your mortgage. Loan modification, deferments, or moving the principal are all ways to help lower monthly payments so you can catch up.
Seek Help From Public Agencies
If you have a lender that won’t work with you, the next step is talking to a government agency. FHA loan holders can contact the National Servicing Center to see if any programs can help. VA loan holders should contact the Department of Veteran Affairs. Some states offer free foreclosure avoidance counselors that can help. It’s worth checking all public agencies to see what you can get to help.
Avoid Foreclosure Scams
There are plenty of companies that say they can save your home for a modest fee. However, there is nothing they can do that you can’t do by calling around. These scam artists know you are backed into a corner, and they take advantage of that fear. Avoid them at all costs.
Sell Your Home As-Is for Cash
If you don’t want to be burdened by a mortgage you can no longer afford, you can sell your home as-is for cash. This can help you avoid a foreclosure on your credit report and get you out from under your mortgage. Request an offer today from Need To Sell My House to find out how much you can sell your house for right now.