Avoid Foreclosure Baltimore

In an attempt to help homeowners avoid foreclosure Baltimore, the Obama administration has initiated various programs to help with mortgage payments. If you’ve missed a couple of mortgage payments, you can still do a lot to avoid Baltimore foreclosure. Don’t wait till the delinquent debt reaches unmanageable levels before taking your first step. The good news is that if you take steps early enough, you can save your home. Here’s a look at some important steps you should take to protect your home against been foreclosed upon.

 

How to Avoid Foreclosure Baltimore

Here are some simple steps you can take as soon as you see signs of trouble:

  • Avoid Foreclosure BaltimoreGet in touch with your lender: Lenders are more interested in being paid back rather than in your home. This is why most of them have solutions for people who are finding it difficult to make their monthly mortgage payments. If you are expecting financial problems, say because you’ve just lost your job, the best option is to contact your lender. Prioritize paying your mortgage over your other loans and credit card bills because the consequences of defaulting on your mortgage will be much more severe than for other repayments. Government owned bodies, such as Fannie Mae and Freddie Mac, as well as regulatory bodies that oversee mortgage service providers, have come up with various options for loan “cures” or “workouts” to save homes from ending up as “Real Estate Owned.” Your lender will be more than happy to work out a solution for you because this will cost them much less than dealing with repossessions and foreclosures. So, the sooner you get in touch with your lender, the faster you will find a solution
  • Debt counseling: There are several options available to help you to avoid for
    eclosure Baltimore
    . One way to learn about them and about your rights as a borrower is to look for a debt management program. You can also learn more about the foreclosure laws in your state by getting in touch with the State Government Housing Office. Your lender might have debt counseling services that can help you learn about loss mitigation and loan modification. Choose the counseling service wisely because some providers charge exorbitant fees that will only exacerbate your situation. The US Department of Housing and Urban Development (HUD) offers very low cost or even free housing counseling. These counselors will not only help you understand the legalities of your situation and the solutions but will also represent you during negotiations with your lender, if the need arises. Again, the key is to get help quickly, before the problem escalates.
  • Use other assets: If you have other assets, such as jewelry, a second car or whole life insurance, consider selling them to repay your home loan. Even if another member of the family needs to get a job to bring in some extra income, it is an option worth considering. Slashing expenses and making some sacrifices might be in order to tide over the threat of foreclosure. However, if the financial crisis seems long-term, you might need to come up with long-lasting and sustainable solutions
  • Loan ModiAvoid Foreclosure Baltimorefication: If your mortgage payments are behind, or if you expect to fall behind soon, and you would like to try to save your house and avoid foreclosure Baltimore, a mortgage loan modification could be a great option. This is when your mortgage company changes one or more of the origial terms of your mortgage note, such as interest rate, or duration of the loan to make your monthly payments more affordable.
  • Refinance your mortgage: If you have equity in your home, and payments are not yet behind, consider refinancing your mortgage to avoid foreclosure Baltimore. Refinancing can replace your current mortgage, and provide new terms that offer lower monthly payments and/or interest rate.
  • Sell your house for cash: Innovative Estates is a real estate solutions company that can purchase your house from you in cash and help you avoid foreclosure in Baltimore. If selling your home cash is not the best solution for you, we may be able to provide debt relief by simply taking over your mortgage payments. For more information on selling your house quickly for cash, or having us take over payments, enter your property address and contact information in the ‘Get An Offer‘ form to the right, and we will be in touch shortly.
  • Short Sale: When mortgage lenders agree to do a short sale in real estate, it means the lender is accepting less than the total amount due. Not all lenders will accept short sales or discounted payoffs, especially if it would make more financial sense to foreclose. Not all sellers nor all properties qualify for short sales. Our specialists help homeowners in your situation every day with possible solutions and alternatives to avoid foreclosure Baltimore. Contact us now at 443-499-9100 for more information! 
  • Bankruptcy: If all else fails, the last resort to avoid a foreclosure in Baltimore is to consider filing for Chapter 13 bankruptcy. This will force the lender to halt the foreclosure process for some time and offer you a more user-friendly repayment option. More resources to avoid foreclosure in Baltimore.

Avoid Foreclosure Baltimore

 

 

Our specialists help homeowners in your situation every day to avoid foreclosure Baltimore. Contact us now at 443-499-9100. We will work with you to determine the best course of action to take to save your house.