While the housing market is rebounding, many people in Washington DC are still struggling to make their mortgage payments.
If you’re underwater on your home, or having trouble keeping up with your monthly mortgage payments, you may be afraid that your mortgage provider is going to foreclose.
Thankfully, there are a number of steps you can take to avoid foreclosure in Washington DC. It’s important to remember that moving quickly is essential and could save your credit rating and your home.
Here are some quick tips on how to possibly avoid foreclosure in Washington DC.
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The Keys To Avoiding Foreclosure in Washington DC
Don’t Abandon Ship
Many people simply give up and walk away from their home. Foreclosure can be a stressful situation, but it’s extremely important to keep your wits about you because a foreclosure can have a huge negative impact on your credit score and prevent you from purchasing a home for years to come.
While it’s extremely stressful, you do have options:
- Negotiate with your mortgage lender. Banks and other financial institutions are well aware that citizens of Washington DC 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 so many will work with you if you aren’t too far behind. You may be offered forbearance, or even a full loan modification.
- Ask for help from Uncle Sam. Over the last five 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, but both of these programs are subject to eligibility requirements.
We understand that the possibility of losing your home can be stressful and we want you to know you aren’t alone. Homeowners all over Washington DC are going through the same troubles. Foreclosure can have a lasting effect on your financial life so it’s important to move quickly to take advantage of any options available and help save both your credit rating and remain in your home.
We may be able to help you avoid foreclosure. Connect with us today and let’s discuss your situation. We don’t charge any fees. We’ll evaluate your situation and present your options so you can move forward to get this foreclosure behind you.