In El Paso, Texas, despite signs of revival in the real estate market, many homeowners are struggling to stay current on their mortgages.
If one’s house is below the water level, or if the mortgage payments are hard to maintain, the assumption that the lender might foreclose can be pretty scary.
Thankfully, there are a few simple steps to take that can stave off foreclosure in El Paso. Speed is of utmost importance; if taken quickly, this might save you from a breach of credit rating and keeping your home.
Alright, let’s delve into some of the high-speed fixes regarding possibly dodging El Paso foreclosure with your home.
The Keys of How to Avoid Foreclosure in El Paso
The Keys of How To Avoid Foreclosure in El Paso Don’t Abandon Ship
Many people default on their mortgage payments and pack up and leave. There are even places resembling ghost neighborhoods in El Paso, as the economy has affected residents badly.
Detroit is a prime example of what can happen when people abandon their homes.
This may be a very stressful situation that demands you to keep yourself calm and composed. If you lose it, you are going to receive a kind of negative review on credit for the removal and you may never be able to purchase another house for years together! Again, on a sale, some portion of the loan is left unsatisfied with the lender being free to bring about unfavorable legal consequences on the borrower.
Price and actual value are another major issue: In the majority of cases, nine out of ten people are usually distressed because the price that they have been given is inferior to the real value of the property to compensate for the loaned amount to the borrower.
While it’s extremely stressful, you do have options:
- Approach your mortgage lender in El Paso. Banks and other financial institutions already know about the struggles of El Paso residents. If you have kept up with all of your payments thus far, you may have quite a bit of leverage to negotiate slightly new loan conditions. Banks do not want to take homes and foreclose on them. Most will cooperate if you are not all that far behind. They may grant you forbearance or a whole modification of your loan.
- Ask for help from Uncle Sam. In the last five years, the federal government has launched several programs to assist struggling homeowners. The Home Affordable Modification Program (HAMP) grants struggling homeowners a chance to modify their loans and reduce their monthly payments. The Home Affordable Refinance Program orders homeowners who are current on their mortgage payments to refinance an adjustable-rate mortgage into a low-interest, fixed-rate loan. The two programs have separate guidelines regarding eligibility.
We understand that losing your home is a situation no one wants to be in, and you are feeling much stress right now. But you are not alone. Others in El Paso are also dealing with these troubles. Foreclosure might have a lasting effect on your finances, so immediate and responsible action is essential, such as exploring any option right away. If you’re wondering how to avoid foreclosure in El Paso, the results could range from saving your credit rating to keeping up your residence.
We could potentially prevent your foreclosure… reach out to us today and let’s talk it out. We believe completely in serving without charging a dime… to assess your situation… and tell you your available options to walk away with to get over this foreclosure.
If you’re looking for real solutions, knowing how to avoid foreclosure in El Paso can make all the difference in saving your home and financial future.