Being in a position where you are potentially facing foreclosure is often extremely stressful. It can mean that you are living in fear of losing the life that you are used to, and you are worried about your finances.
When you are in a situation where foreclosure is a possibility, it is important that you take action as soon as possible. Ignoring the problem and hoping that the issue will resolve itself is the worst thing that you can do. The following are some alternatives to foreclosure that you may be able to pursue.
Modifying your mortgage
If you are struggling to pay your mortgage, the first thing that you should do is to speak to your mortgage provider. It is likely they will be happy to do everything that they can to prevent the reality of foreclosure, since it is never a beneficial situation for anyone to be in. They may be able to help you with the modification of your mortgage to make the repayments easier for you to afford.
Filing for a partial claim
You may be able to make a claim with the Federal Housing Administration (FHA) insurance fund with the help of your mortgage provider. This could mean that you are able to catch up on your missed payments so that you can get back in control of your finances.
If you are struggling with missed mortgage repayments, it is important to remember that taking action is vital if you want to avoid losing your home. Make sure that you consider the specifics of your situation and take appropriate action.
Source: FindLaw, “Alternatives to Foreclosure,” accessed March 19, 2018