You may have fallen behind on your mortgage payments due to unexpected
- one-time circumstance,
- a family emergency or
- a gap in employment.
Let me share with you what I think are the top 3 ways to Avoid Foreclosure in Richmond VA
Avoid Foreclosure: #1 Catch Up On Your House Payments
If you can actually afford your monthly payment, catching up is a great option.
There are 2 main ways to catch up on your late mortgage payments:
- Pay it Back All At Once:
- Use a Holiday Bonus, family gift or a Tax Refund check to pay your past due balance in full.
- If you are more than a couple months behind on your mortgage payments, your lender may have started the process to auction your home or foreclose.Â However, they may be willing to STOP your foreclosure process if you agree to (and qualify for) a forbearance.Â Â This forbearance is an agreement between the borrower (homeowner) and the lender.Â It is an agreement to pay back the past due amount over a period of about 3-9 months. You will need to talk to your lender to see if/how you could qualify for this.
Avoid Foreclosure: #2 Refinance or Re-Structure Your Current Loan
If you have not missed any payments, but know that you will not be able to afford your payments after a certain date (mortgage rate increase, ARM adjustment, loss or downsize of job), then you may be able to qualify for a refinance or a re-structure of your current loan.
You MUST have good credit for this option, and (in most cases) cannot have missed a mortgage payment.
- Re-Structure – Some lenders are allowing borrowers (home owners) to restructure their current loan to include adjusting the interest rate and/or the term.
- Refinance – If your good credit is still in tact, you may be able to refinance your current loan into a lower, fixed-rate loan that could lower AND stabilize your monthly payments. Contact a reputable lender or bank ASAP to take care of this before you miss a payment.
Avoid Foreclosure #3: Â In Richmond VA, Sell Your Home Fast
Perhaps catching up on your payments or refinancing your loan are not an option for you.
Thus Selling your home is a great way to avoid a foreclosure in Richmond VA.
There are many ways to sell your home, but in either case, you will need to ACT FAST to make sure that your home SELLS before it forecloses.
In fact, you should try it first.
Your next steps
If you find that you cannot save your house from foreclosure, give us a call at 804/719-1489.Â We are professional home buyers and we might be able to buy your house.
We will not buy it and lease the house back to you.Â That is not allowed in Virginia, so don’t even ask.
If you donâ€™t want to call, simply fill out tap the GET OFFER BUTTON belowÂ weâ€™ll attempt to help you avoid foreclosure in Richmond VA.