Anytime homeowners run into financial difficulties, foreclosure is a real possibility. However, there are several ways to stop the foreclosure process, and a lawyer can often provide help and advice. Below, troubled homeowners can learn about stopping a Foreclosure in Fairfield OH.
Do Not Panic
Most homeowners have a surprising amount of assets that can be sold to help catch up on mortgage payments and keep the home out of foreclosure. Disability insurance, unemployment payments, and savings are all good sources of money. Budgets can be cut, luxury items can be sold, and retirement accounts can be tapped. However, this should be done carefully to avoid additional taxes and withdrawal penalties.
Contact the Lender ASAP
If problems can’t be deferred and the mortgage goes unpaid, it is important to contact the lender right away. The goal is to work with the lender to create an agreement that modifies the mortgage and stops foreclosure.
Attempt to Refinance the Loan
Since the housing market crashed, millions of new-format loans have been issued, which permit low payments for the first few years, with higher payments coming thereafter. If a homeowner has such a mortgage, they should try to get it refinanced before they miss payments and damage their credit profile.
Sell the Home to Avoid Foreclosure and Bankruptcy
In some cases, there’s no refinancing option or plan of action that can prevent Foreclosure in Fairfield OH. If a homeowner loses his or her job, has unpayable medical bills, or has to file for bankruptcy because of an unaffordable mortgage, selling the home may be the only real option. Consult a foreclosure lawyer for additional advice.
If the homeowner’s situation is getting worse by the month, they have to take steps to protect their interests-;and selling the home may be one of those steps. It can be a very hard decision to make, but if an owner sells before foreclosure occurs, they’ll get a higher price for the home and preserve their credit history. Homeowners should remember that they have options, but it’s important to learn more about us. Above all, they should not rule out seeking foreclosure assistance.