Are you behind on your house payments or worried that you might soon be? Did you lose your job and fear that your house is the next thing to go? This is happening to more and more people every day, but there are steps you can take to try to avoid foreclosure.
Ignoring the problem will not make it go away, it will only make things worse. Although you may dread picking up the phone, it is extremely important that you talk to your mortgage lender and try to get things worked out instead of losing your home. Don’t just assume that it is too late for you or that they will not want to help you. You need to take an active, persistant role, but it can be done.
There are potential solutions:
- Loan modification
- Refinancing the loan
- Listing the home through an agent as a possible “Short Sale”
- Selling the home on your own
Remember that you are most likely dealing with a large bank, things are not going to happen overnight. Doing something is way better than sitting around and waiting for them to come change the locks on the front door!