If you’re facing foreclosure in the Washington DC metro area, you may be asking yourself if giving your house back to the bank is the wisest decision. It may be. However you may have other options. This article offers you some ideas to consider.
Contact Your Loan Provider Immediately
Your first step is to contact your loan provider immediately to examine your options for preventing a home foreclosure. If you haven’t already, you want to ensure you don’t get too far behind on your mortgage payments. Contact your financial institution once you know you are likely to miss a home loan payment. Inform them of what is going on with your financial situation. Your loan provider would rather work with you than end up owning your property.
Be Open and Honest
Be open and honest with your mortgage company. They may work with you to reduce your rate of interest, which would reduce your monthly payment. Have you missed payments, but are now capable of paying again? Call your mortgage company to discuss your options. Your mortgage company can usually add the repayments back onto your home loan. And will consider you caught up with your mortgage. It is important to not keep anything from your financial institution so they can work with you to come up with a plan. If you do not talk to them about what your situation is and ask for help, you may end up going into a foreclosure on your home.
Mortgage Loan Payments or Credit Card Bills
Credit card payments should never take priority over your house loan payment. You will be able to prevent a home foreclosure if you pay your mortgage loan before any other bills. It is easier to recover from credit bill consequences than failing to pay your mortgage.
Another way to prevent property foreclosure in the DC metro area is to cut spending down to the bare minimum. If you are able to reduce your expenses you may be able to avoid having to sell the house you love. Are you self-employed? Consider an at-home office instead of renting space downtown. Are you a multiple car family? Think about selling one and sharing the other.
Selling Your House to Avoid Foreclosure
If the above options are not enough, you can put your house up for sale to try and pay off your house loan. Selling your house may free you of your current financial situation. Sometimes you may even be able to have leftover money to help you start over again.
We Buy Houses in the DC Metro Area
If selling your house sounds like the best option for you, contact Express Homebuyers today. We buy houses all over Washington DC, Maryland and Virginia. We work with homeowners like yourself, who are looking to stop foreclosure on their home.
Call Express Homebuyers now at (877) 804-5252 for a fast and fair offer in 7 minutes. You may be free of your house burden in only 7 days.