While the housing market is rebounding, many people in Long Island] are still struggling to make their mortgage payments.
If you’re behind on your mortgage, 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 Long Island. It’s crucial 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 Long Island with your home.
The Keys of How To Avoid Foreclosure in Long Island Don’t Give Up With Your Arms Crossed
Many people simply abandon ship. There are even areas of Long Island that have begun to resemble ghost towns, as the economy has impacted residents significantly. Now the economy is overall doing well but there are still difficulties homeowners are faced with.
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 a huge negative impact on your credit score, and likely prevent you from purchasing a home for years to come and even preventing you from renting in some situations. 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 Long Island 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 like foreclosing on homes because they are in the business of giving loans and not taking over foreclosed homes. 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 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.
We understand that the possibility of losing your home can be stressful. You aren’t alone. Citizens all over Long Island are going through the same troubles and it can be very stressful. Foreclosure can have a lasting effect on your financial life, and it’s important to take action, move fast 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. We are here to help in anyway that we can!