Despite the housing market rebounding, numerous people in Portsmouth are still experiencing difficulties in making their mortgage payments.
If you find yourself underwater on your home or struggling to keep up with your monthly mortgage payments, you might fear that your mortgage provider will foreclose.
Fortunately, there are various steps you can take to prevent foreclosure in Portsmouth. It’s essential to act fast as time is of the essence, and taking prompt action can save your credit rating and your home.
So, let’s delve into a couple of quick tips that could help you avoid foreclosure in Portsmouth and keep your home.
The Keys of How To Avoid Foreclosure in Portsmouth Don’t Abandon Ship
Several individuals opt to give up and abandon their homes, and certain areas in Portsmouth now resemble ghost towns due to the economy’s severe impact on residents. Detroit serves as a prime example of what can happen when people abandon their homes.
Although this can be an overwhelming situation, it’s crucial to remain composed. Foreclosure can significantly harm your credit score and make it challenging to purchase a home in the future. Alternatively, if you sell your home, you might leave a portion of the loan unpaid, and the lender may take legal action against you for the unpaid balance.
While it’s extremely stressful, you do have options:
Engage in negotiations with your mortgage lender. Banks and other financial institutions are aware of the difficulties Portsmouth citizens are experiencing. If you haven’t missed any payments yet, you may have some leverage to renegotiate the loan terms. Most banks prefer not to foreclose on homes, and they may work with you if you aren’t too far behind on your payments. You may be offered forbearance or even a full loan modification.
Another option is seeking assistance from the federal government. Over the past few years, the government has implemented several programs to assist struggling homeowners. The Home Affordable Modification Program (HAMP) allows homeowners to modify their loans and reduce their monthly payments, while the Home Affordable Refinance Program allows homeowners who are currently on their payments to refinance an adjustable-rate mortgage into a low-interest, fixed-rate loan. Both programs have eligibility requirements.
We understand that the thought of losing your home can be overwhelming. You’re not alone, as many citizens in Portsmouth are going through similar difficulties. Foreclosure can have a lasting impact on your financial life, and it’s crucial to act quickly and take advantage of any available options. By doing so, you can safeguard your credit rating and keep your home.
We may be able to help you avoid foreclosure. Contact us today to discuss your situation. We don’t charge any fees and will assess your circumstances to present you with the best options to move forward and overcome this foreclosure challenge.