Sometimes we cannot predict the market. It goes up and down in sudden. The unstable market condition has resulted millions of people struggling to pay for their mortgage. Such inconsistent market condition has made most of the people’s installment plan to be out of their planning.
Many people will get their properties into foreclosure if such situation continues. However, there are a lot of options for preventing foreclosure thanks to the geniuses that can think about them. It would be advisable for all of us to be educated with foreclosure prevention as we might be the one who will come about this trouble one day.
1. Contact your lender immediately
Let say if you are so unfortunate that one day you received a notice that puts your property in a position that is highly exposed to foreclosure. What you can do here is to contact your lender immediately. If you are so critical that you cannot afford the monthly payment, explain it to them.
They may consider doing forbearance for you. In other words, you can reach an agreement with your lender that you can pay your monthly payments regularly and no payment for them for certain months. However, you will be charged with for such service after the end of the period. By this method, you can buy some time trying to find a solution rather than getting your house into foreclosure.
2. Consider selling your house by listing it for preventing foreclosure.
Rather than giving back the house to the bank and getting no cash in return, sell them off and the get cash to repay the debt. You may still have some amount of money from the house sales. It is best for you to sell it off without going through an agent as you will need to pay commission to the agent if the house is successfully sold.
3. Selling your property to investors
Lastly, preventing foreclosure of your property can also be achieved by selling your property to investors. The advantage in doing it this way is that they usually offer a reasonable price and they close the deals fast. Do not do this in the last minute as you can use the earlier time to make comparison on which investors that can offer the best price.