You’ve been issued a notice of foreclosure. You are in danger of losing your home and are not sure what steps to take next. This is surely a scary time for you and your family, and you are seeking any kind of help you can get.
If this sounds like your current situation, then you have come to the right place. There are ways to deal with foreclosure that may allow you to avoid it altogether or get financial assistance for your relocation.
Refinance Your Loan
One of the first options you should look into is refinancing or modifying your loan. If you are having a hard time keeping up with payments then you might be able to get them lowered to a point that you can afford. Call your loan provider and discuss your financial difficulties with them to see if you can work out a plan.
Catching up the payments you are behind on is usually enough to stop a foreclosure, but chances are if you got a foreclosure notice in the first place you don’t have that kind of money on hand. If possible, find a friend or family member who might be willing to let you borrow the money to catch up your payments. It can be hard to ask for help, but sometimes it’s the only option.
Hire an Attorney
You can also look into hiring foreclosure attorney. They can offer you legal advice, resources, and foreclosure defense in court. With their help you may be able to negotiate terms with your loan provider that will allow you to keep your home.
Cash for Keys Program
If you are unable to pay off your overdue payments, had no success with loan modification, and legal assistance hasn’t helped stop the process, there is a way to get financial assistance for your relocation. This is not the most ideal outcome, but at least it keeps you from winding up without a place to live.
The Cash for Keys program is a way of getting your loan provider to pay you to move from the premises. This involves working with the bank to come up with an agreed move out date and you are required to leave the property in the best possible condition when you move out.
Get Help Now
Don’t wait to get help with your foreclosure notice. The faster you act the more likely it is that avenues like the Cash for Keys program or modifying you loan will be available to you. Waiting too long can ruin your chances utilizing these options, because it can ruin the relationship you have with your loan provider.