The housing market is still in a good spot, but a lot of home owners are still struggling to make their mortgage payments in Parkersburg, WV. We are still feeling the effects on the economy from Covid, prices are rising from inflation, and many homeowners are struggling to make payments that used to be easy. If that’s you then you’re in the right place. We can help you avoid foreclosure in Parkersburg, WV and all across Ohio and WV.
If you’re underwater on your home, or having trouble keeping up with your monthly mortgage payments, you could be fearful that your mortgage provider is going to foreclose. That’s a real fear, and the Biden administration has recently lifted a lot of restrictions to allow banks to start foreclosing on houses again.
Thankfully, there are a number of things that you can do to avoid foreclosure in Parkersburg. It’s important to remember that moving quickly is absolutely paramount, and could save your credit rating and your home.
So lets dive in on a couple quick tips on possibly how to avoid foreclosure in Parkersburg with your home.
The Keys of How To Avoid Foreclosure in Parkersburg Don’t Abandon Ship
Many people are willing to give up and walk away from their house, letting the bank take it back. This destroys credit, is very costly, and creates a giant hole for you to dig yourself out of.
This can be stressful situation, but it’s extremely important to keep your wits about you. A foreclosure will have a huge negative impact on your credit score, and likely prevent you from purchasing a home for years to come. If you sell your home, you could leave a portion of the loan unpaid, and the lender could pursue legal action against your for the unpaid portion.
While it’s extremely stressful, you do have options:
• Negotiate with your mortgage lender. Banks and other financial institutions are well aware that citizens of Parkersburg are struggling. If you haven’t missed a payment yet, you may have some leverage to renegotiate the terms of your loan. Banks don’t want to have to foreclose on your home and if you reach out to them they may be willing to work with you in one way or another. You may be offered forbearance, or even a full loan modification. This won’t always work, but it’s an easy place to start and it’s worth a shot.
• Ask for help from Uncle Sam. Over the last five years, the federal government has implemented a number of programs to help struggling homeowners. The Home Affordable Modification Program (HAMP) allows struggling homeowners to modify their loans, reducing monthly payments. The Home Affordable Refinance Program allows homeowners who are current on their mortgage payments refinance an adjustable rate mortgage into a low-interest, fixed rate loan. Both of these programs are subject to eligibility requirements.
• Sell Your House Outright. This can work if you have enough equity in your house. Find someone who can come in with cash and buy your house fast before being foreclosed on. Make sure they’re a serious buyer because the last thing you would want is for someone to come in and say they’re going to buy your house then back out last second.
• Find a Professional Home Buyer in Your Area. There’s a lot a professional home buyer can do to save your property. They may be able to purchase your house and then rent it back to you, allowing you to stay in your house without being foreclosed on. A professional homebuyer, like us, will have cash in the bank and will be looking to purchase homes like yours. A good home buyer can find ways to buy your property even if you don’t have any equity left in your house. We help homeowners avoid foreclosure all over WV and OH, but even if we can’t buy your property we will use our partner network to connect you with the right person who can help you.
We understand that the possibility of losing your home can be stressful. You aren’t alone. Citizens all over Parkersburg are going through the same troubles. Foreclosure can have a lasting effect on your financial life, and it’s important to move quickly and take advantage of any options available. You could save both your credit rating and remain in your home.
We may be able to help you avoid foreclosure… connect with us today and lets discuss your situation. We don’t charge any fees… we’ll evaluate your situation… and present you your options so you can move forward and get this foreclosure behind you.