What To Do If You Are Experiencing Pre-Foreclosure

Pre-foreclosure doesn’t have to wreck your finances

So you’ve had a few rough months and, for whatever reason, haven’t been able to pay your mortgage payment. The lender has noticed and you’ve received a Notice of Default from them, the first step in the pre-foreclosure process.

Now, you and your family are facing not only the loss of your home and all payments made toward it, but possible legal fees and your credit taking a hit. Will you be able to finance another house if this one is lost in foreclosure? Is there anything that can be done to ‘fix’ the mess you’re sitting in now?

Solutions

While the situation is less than ideal, the process isn’t complete and you may still have options to keep your home and get your mortgage under control again.

First, and I can’t stress this enough, communicate with your mortgage lender. Let them know you’ve reached a rough point financially and they’ll most likely work with you to keep you and your family in your home, generally through mortgage forbearance or a repayment schedule.

Lenders don’t like foreclosing on a home. It begins a costly legal process for them, and they are usually willing to work with a homeowner to find another solution. The foreclosure process takes months to complete, but you’ll want to speak with them as early in the process as possible.

Another Option

If, however, you’ve reached ‘the point of no return’ or you’ve decided you don’t want to keep the home (but would love to not have your credit take a massive hit), consider giving us a call. We will work with you to find other options or to buy your home before it’s too late. We are generally able to close within a few weeks, and you won’t have any realtor/broker fees to pay.

No one enjoys the foreclosure process, but you still have options. Give us a call or text to 940-255-7227 or email michael@amlhomesllc.com.

Check out our video on Pre-Foreclosure Help: https://www.youtube.com/watch?v=gO8d0avFCJM