Avoiding Foreclosure in Boardman, OH
Just because a homeowner had just purchased the home of their dreams does not mean it’s safe from foreclosure. When the signs of an impending foreclosure are present, immediate action is necessary. By addressing the situation before it is too late, a homeowner may be able to avoid unnecessary expenses and stress.
Searching for a “we buy houses in Boardman, OH” is one of the options available to avoid foreclosure, but there are other ways. Read on for tips from Access Homebuyers.
Negotiating for Repayment Options
Some repayment options for homeowners include:
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Talking to the lender. This is first option to consider in the event of a temporary setback, and one is capable of finally making mortgage payments in full for a month but cannot afford to make up the missed payments in one full sum. The lender may be willing to work out a repayment plan for payment on past due balances. Sometimes this involves added increments to the monthly payments to allow for full repayment over time.
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Forbearance. The forbearance program allows borrowers who are experiencing financial hardship to delay their monthly payments for a period of time.
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Loan Modification. A loan modification alters the terms of the current loan. This is an option if refinancing is impossible and foreclosure is imminent. One of the most common loan modifications is the extension of the loan term to allow repayment over a longer period of time, which lowers monthly payments and lowers the risk of foreclosure.
Consulting Counselors from the HUD
The Department of Housing and Urban Development (HUD) sponsors housing counseling agencies throughout the country that offer loss mitigation services. These are free services that teach homeowners how to stop foreclosure as soon as possible. These counsellors also assist homeowners in speaking with their mortgage servicer and understanding any repayment options available.
Each counselling session is personalized toward a homeowner’s needs. The housing counselor will ask for information about the loan, such as the amount owed and the date of last payment. As part of the application process, the housing counselor may also request information regarding pay stubs, tax returns, recent bank statements, and other bills paid each month, such as car loans and credit cards.
Selling a House Through a Short Sale
If one is not eligible for any payment restructuring options, then the final option is to sell assets, like houses and cars. A short sale is one of the most common options in selling a house to avoid foreclosure. Although the proceeds of the short sale are less than the selling price of the house, they go to the lender, who usually forgives part or all of the remaining balance. This option requires the lender’s approval since they would have to accept less than what is owed.
Selling a house through a short sale usually involves searching “sell my house fast in Boardman, OH” and looking for a reputable cash buyer. These companies will offer to buy a house for cash, usually in the property’s current condition. This option is quicker than selling the house through listing because the cash buyer sends the money immediately.
Sell Your House Fast in Boardman, OH to Access Homebuyers
Access Homebuyers is a trusted cash homebuyer in Boardman, OH. They have helped thousands of homeowners in the state to sell their house and pay off debt, avoid foreclosure, or get rid of an unwanted home. They give a fair cash offer for within 72 hours of messaging. They will then pay as quickly as 14 days.
Send a message through their contact form or call (330) 708-7077.
Media Contact
Company Name: Access Homebuyers
Contact Person: Roger
Email: Send Email
Phone: (480) 470 1344
Address:3377 S Price Rd Suite 3046
City: Chandler
State: Arizona
Country: United States
Website: accesshomebuyers.com