While the housing market is at the top in 2022 and interest rates are keep raising, many people in Metro Detroit] are struggling to make their mortgage payments.
If you’re underwater on your home, or having trouble making your monthly mortgage payments, you could be fearful that your lender is going to foreclose on you.
Thankfully, there are a number of things that you can do to avoid foreclosure in Metro Detroit. It’s important to understand 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 Metro Detroit with your home.
The Keys of How To Avoid Foreclosure in Metro Detroit Don’t Abandon Ship
Many people simply just give up and walk away from their home. There are some areas of Metro Detroit have begun to look like ghost towns, as the economy has impacted residents significantly. Not only the mortgage rates have doubled but rent payments are at all time high.
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 many years to come. 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 balance.
While it’s extremely stressful, you do have options:
• Negotiate with your mortgage lender. Banks and other financial institutions are well aware that home owners of Metro Detroit 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, and many will work with you if you aren’t too far behind. You may be offered forbearance, or a loan modification. Lenders simply does not want properties to be vacant and deteriorate losing its market value even more.
• Ask for help from Uncle Sam. Over the last twelve 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 very stressful. You aren’t alone. Citizens all over Metro Detroit are going through the same troubles. Foreclosure can have a lasting effect on your personal and financial life, and it’s important to move quickly and take advantage of any options available. You could save both your credit score 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 have deal with banks and their attorneys for many years…We have extensive real estate knowledge of the local Metro Detroit market, legal resources, and funds available to fix most real estate problems and buy your house for cash quickly or help you avoid foreclosure and keep your house.