While the housing market is rebounding, many people in the North Quabbin Region of Massachusetts 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 could be fearful that your mortgage provider is going to foreclose.
Thankfully, there are a number of things that you can do to avoid foreclosure in the North Quabbin Region of MA. It’s important to remember that moving quickly is absolutely paramount, and could save your credit rating and your home.
So lets dive in on a couple quick tips on possibly how to avoid foreclosure in the North Quabbin Region of MASS with your home.
The Key of How To Avoid Foreclosure in the North Quabbin Region of MA…Don’t Abandon Ship
Many people simply give up and walk away from their North Quabbin Region of MA home.
This can be stressful situation, but it’s extremely important to keep your wits about you. A foreclosure will have a huge negative impact on your credit score, and likely prevent you from purchasing a home for years to come. If you sell your home, you could leave a portion of the loan unpaid, and the lender could pursue legal action against your for the unpaid portion.
While it’s extremely stressful, you do have options:
• Negotiate with your North Quabbin Region of MA home’s mortgage lender. Banks and other financial institutions are well aware that citizens of the North Quabbin Region of MA 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, and 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 your current lender for your North Quabbin Region of MA home. Over the last five years, the federal government has implemented a number of programs to help struggling homeowners. The Home Affordable Modification Program (HAMP) allowed struggling homeowners to modify their loans, reducing monthly payments. HAMP is no longer available in 2021. Although HAMP is gone, homeowners facing financial hardship still have options to receive assistance. Mortgage modification programs are available to North Quabbin Region of MA borrowers with conventional and government-backed mortgages, such as those insured by the Federal Housing Administration (FHA) or the U.S. Department of Veterans Affairs (VA) loan.
Fannie Mae/Freddie Mac Flex Modification – Reduces mortgage payments by 20% and potentially gets you to a 40% front-end debt-to-income (DTI) ratio. For conventional mortgage borrowers with a Fannie Mae- or Freddie Mac-owned loan.
FHA loan modification – Lowers interest rate, extends loan term or adds past-due amount to loan balance. For current FHA loan borrowers.
VA loan modification – Adds past-due amount to loan balance and/or extends loan term. For current VA loan borrowers.
We understand that the possibility of losing your home can be stressful. You aren’t alone. Citizens all over the North Quabbin Region of MA are going through the same troubles. Foreclosure can have a lasting effect on your financial life, and it’s important to move quickly and take advantage of any options available. You need to contact your lender sooner rather than later. You could save both your credit rating and remain in your home.
We may be able to help you avoid foreclosure… connect with us today and lets discuss your situation. Our Mortgage Payment Relief Program might be perfect for your situation. We don’t charge any fees… we’ll evaluate your situation… and present you your options so you can move forward and get this foreclosure behind you.