STEPS TO TAKE TO PREVENT FORECLOSURE
If you are a homeowner of a beautiful house and you’re in danger of falling behind in your payments, there are some useful information and tips you should know to avoid foreclosure. If you really think about it, the lender doesn’t want to have to take the house, they just prefer the money and there are some ways to work this out with them.
In your case, try to be organized, understand how this process works, take action as soon as possible, and inform yourself to know all the options that you have. At Home Buyers Birmingham we know how to help you deal with this situation. Here we present some steps you can take to prevent foreclosure.
FILING A CASE
If by any chance you missed a mortgage payment or you are behind on them, one of the first steps you should take is to be organized. To file a case, you should put all the important documents together in a file as well as any other document of your payment records. There are different documents you can attach to this file such as the copies of mortgage, your monthly billing statement, property tax information, insurance information, etc.
READ AND UNDERSTAND THE DOCUMENTS
If you already have your file together, make sure you read and understand all the documents carefully so that you know exactly what will happen if you are behind on your payments. Important information in these documents if you deeply read them would be the monthly late charge amount or the extra fees that you can be charged if you are behind on the payments, as well as how many days would it take for a lender to start a foreclosure once you are behind on your payments.
Make sure you gather all financial information When you create your file, you shouldn’t only gather all the information regarding the mortgage, but financial information is also crucial. Make sure you include all your bank statements, Federal Tax Returns, recently paid bills, and other documents that you have as an income for the services, to determine if you have any other alternatives to foreclosure.
REVIEW YOUR SPENDING HABITS
Now that you have gathered all your financial information, it will be a good time to check your spending habits and create a new and realistic budget so that this doesn’t affect your monthly payment. A good idea of arranging this is checking all the expenses you have every day. If by any chance you notice an unnecessary expense you can avoid every day, it would be a good idea to eliminate this from your daily routine. This will be a good way to save money and to make your loan payments on time.
CONTACT YOUR SERVICER
It is important that as soon as you think you might miss a payment, you shouldn’t wait until the last minute to contact your servicer. Don’t wait until the last minute to deal with the problem. Remember, the sooner you solve the problem the better.
AVOID LOAN MODIFICATION COMPANIES
On the way, you might find many for-profit foreclosure companies that will offer you loan or debt counseling as a way of foreclosure relief for a fee. Unfortunately, most of these companies are not real. They only want your money and in the end, they won’t provide the help that you are looking in that moment.
There are several questions you might have about foreclosure and how it works. If you’re going through this uncomfortable situation, at Home Buyers Birmingham, we can help you deal with it and solve the problem as soon as possible. You can call us today and ask all the information you need about it. One of our knowledgeable staff members will gladly assist you. You can also visit us at https://homebuyersbirmingham.com to learn more about our services and other ways to prevent foreclosure.