While the housing market is rebounding, many people in Roanoke, VA 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 Roanoke. 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 Roanoke with your home.
The Keys of How To Stop Foreclosure in Roanoke
If you’re facing foreclosure in Roanoke, VA, there are several steps you can take to try to stop the foreclosure process and keep your home.
- Contact your lender: The first step is to contact your lender as soon as possible. Explain your situation and see if you can work out a repayment plan, loan modification, or other alternative to foreclosure.
- Consider a short sale: If you’re unable to make your mortgage payments and your home is worth less than what you owe on your mortgage, a short sale may be an option. In a short sale, you sell your home for less than what you owe on your mortgage, and your lender agrees to accept the proceeds as full payment.
- File for bankruptcy: Filing for bankruptcy can stop the foreclosure process and give you time to catch up on missed mortgage payments. However, this should only be considered as a last resort, as it can have long-term financial consequences.
- Work with a housing counselor: A housing counselor can help you understand your options and work with your lender to find a solution that works for you. The Department of Housing and Urban Development (HUD) offers free housing counseling services.
- Sell your home: If you’re unable to keep up with your mortgage payments and don’t qualify for any alternatives to foreclosure, selling your home may be the best option. This can help you avoid foreclosure and potentially minimize the impact on your credit score.
It’s important to act quickly if you’re facing foreclosure in Roanoke, VA. Contact your lender and explore your options as soon as possible. Working with an experienced real estate professional can also be helpful in navigating the foreclosure process and finding a solution that works for you.
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.
