One of the scariest things is having your home go into foreclosure.
Receiving a Notice of Delinquency doesn’t mean you are going to lose your home.
There are a number of things you can do to stop or slow down the foreclosing process, and this will give you some time to try and get back on track or leave your financial record in the best possible shape.
You should know these options, so you can choose one that you feel works best for you.
When you sign a mortgage, you are agreeing that you are going to pay the lender back the loan in full, and you are going to do it according to their terms.
If you fail to make your mortgage payments, you have breached your contract with the lender.
This means the lender has the right to take the home so they can recoup their investment.
The process of repossessing the home is what is known as foreclosure. You don’t have to worry if you are late on your payment by a couple of days.
Many of the lenders usually have a 15-day grace period that might have a late fee attached.
The foreclosing proceedings will start when you have not made your mortgage payments for a period of 90 days.
The process can take between two to twelve months, and this gives you some time. What can you do to stop foreclosure Roanoke?
Call the lender
It is important to call your lender as soon as possible.
The process of foreclosing a home is not something that lenders look forward to because it is a costly and time-consuming process.
Many of them will be ready to sit down with you and come up with a solution that will work for both of you.
The lender will provide you with a number of options.
The four main options are;
This is where you are offered a new loan that comes with new rates and terms so it can cover the payments you missed and the balance you still owe.
This will not affect your credit, and you might end up with a lower payment plan.
This is why you agree to start making the payments again over a given period of time.
You will continue making the payments while paying the late ones.
This is where the lender is going to suspend the mortgage temporarily for a specific period of time.
The payments that have been deferred are going to be tacked to the end of your loan.
This is where the lender changes the terms of the loan, and this includes; interest rate, amount due, the length, etc.
This is done so you can be able to get a more manageable monthly payments plan.
Filing for bankruptcy is going to have a negative impact on your credit, but it is going to help you in delaying the foreclosure and also eliminating or reducing your debt.
It is important to talk to a bankruptcy attorney so you can be able to know more about it.
You need to know how this is going to affect you before you do it. The above tips should help you stop foreclosure Roanoke.