If you are facing a foreclosure on your home, it can be an emotionally and financially difficult situation. However, there are some steps that you can take to minimize the damage and potentially delay or even prevent foreclosure.
Step 1: Let’s Get Started
First, contact your lender and explain your situation. Many lenders offer programs that can help you keep your home if you have encountered financial hardship due to job loss, reduced income, illness, or some other factor. Ask your lender if they have any options available that can help you keep your home.
Step 2: Consult with a Professional
Second, consult with a housing counselor or attorney. A housing counselor or attorney can provide legal advice and/or guidance and assistance in resolving your mortgage situation. They can also provide information about government programs to assist homeowners and delinquent borrowers.
Step 3: Refinance
Third, consider refinancing your loan. Refinancing your mortgage loan can help you lower your monthly payments and interest rate, so you may be able to afford your payments more easily.
Lastly, if you’re running out of time and need assistance, schedule a call with an SLB consultant to see if we can offer assistance, qualify you for a loan, or make a cash offer on your property.