Homeowners Today Have Options To Avoid Foreclosure

Homeowners Today Have Options To Avoid Foreclosure

Even with the latest data coming in, the experts agree there’s no chance of a large-scale foreclosure crisis like the one we saw back in 2008.

That’s good news. It means the number of homeowners at risk is very low compared to the norm.

But, there’s a small percentage who may be coming face to face with foreclosure as a possibility. If you’re facing difficulties yourself, an article from Bankrate breaks down some things to explore:

• Look into Forbearance Programs
• Ask for a loan modification
• Get a repayment plan in place

And there’s something else you may want to consider. That’s whether you have enough equity in your home to sell it and protect your investment.

You May Be Able To Use Your Equity To Sell Your House

Freddie Mac explains how this can help: “If you have enough equity, you can use the proceeds from the sale of your home to pay off your remaining mortgage debt, including any missed mortgage payments or other debts secured by your home.”  

Lean on Experts To Explore Your Options

To find out how much equity you have, partner with a local real estate agent. They can give you an estimate of what your house could sell for based on recent sales of similar homes in your area. You may be able to sell your house to avoid foreclosure.

If you’re a homeowner facing hardship, lean on a real estate professional to explore your options or see if you can sell your house to avoid foreclosure.

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