While the housing market is rebounding, many people in Baltimore] are still struggling to make their mortgage payments.
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.
Thankfully, there are a number of things that you can do to avoid foreclosure in Baltimore. It’s important to remember that moving quickly is absolutely paramount. It could save your credit rating and your home.
Lets dive in on a couple quick tips on possibly how to avoid foreclosure in Baltimore with your home.
The Keys of How To Avoid Foreclosure in Baltimore Don’t Abandon Ship
As the ecomony significantly impacts residents of Baltimore, many people simply give up and walk away from their home. Detroit is a prime example of what can happen when people abandon their homes.
This can be stressful situation but it’s extremely important to keep your wits about you. A foreclosure will have an extremely 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 Baltimore are struggling. If you have yet to miss a payment, you may have some leverage to renegotiate the terms of your loan. Banks do not like foreclosing on homes and many will work with you if you aren’t too far behind. You may be offered forbearance or even a full loan modification.
• 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 homeowners to modify their loans which can result in reduced 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.
We understand that the possibility of losing your home can be stressful. You aren’t alone. Residents all over Baltimore are having similar 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 will evaluate your situation and present you your options so you can move forward and get this foreclosure behind you.