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6 Powerful Ways To Help Prevent Foreclosure In 2021

6 Powerful Ways To Help Prevent Foreclosure In 2021

January 16, 2020  1 By 0 Comments

Help Prevent Foreclosure Using These 6 Strategies

#1. Loan Modification

The first tip to help prevent foreclosure is to consider a loan modification. Before even thinking about that, you’ve first got to think about this: What is your current situation? Is a loan modification something you can qualify for? Now, if you’re facing some sort of financial hardship, you may qualify for a loan modification. In addition, if your mortgage payments have increased, making it difficult to keep up with payments, you may also qualify for a loan modification. Loan modification approval may help prevent foreclosure by reducing monthly payments and or interest.

#2. Rent Your Property Out

Our second tip to help prevent foreclosure is to rent your home out. On some occasions, requesting a down payment from renters may help home owners to bring their mortgage current. Moreover, if the renters down payment doesn’t cover the back-payments, the surplus on the rental charges over the months usually will over time. Home owners like this option because it allows them to keep and save their home and help prevent foreclosure.

#3. Sell Your Property On The Market

By listing a property on the market for sale, a home owner may save their credit and help prevent foreclosure. Unfortunately this may not be an option that works for everyone. In order to qualify for this option, the property must have enough equity to support a 6% loss due to realtor fees and on average a 2% loss on closing costs. In addition, the property must be in fair shape. Consider this: It may be easier to sell a property that is in good shape quicker than one that needs work.

#4. Cash Offer (Sell For Cash)

Selling to an investor cash home buyer is simple. Most of them just require your property address in order to give you a cash offer. Typically home owners can submit their information by calling a company like Cash Home Buyers Hub directly at 623-777-7631 or by using a contact form online. Home buyers usually purchase property in as-is condition and do not require any repairs. Most of them will usually pay your closing costs and eliminate realtor fees completely. There is no need for conventional loans since cash buyers are paying all cash for the properties.

#5. Bankruptcy

In some situations, bankruptcy has the power to stall the foreclosure process. Chapter 7 is one of the most common types of bankruptcies and one that will usually halt foreclosure. In order for this to be most effective, people will file for bankruptcy about 1 week before the sale date. Doing this will help prevent foreclosure by stalling the process 3-4 months. Sounds great, but here are some things to consider. Filing for a chapter 7 bankruptcy usually costs within the ballpark of $1,000 to $3000. Typically, a payment system can be arranged, but be sure to not default on a single payment. If you default payment, your lender may request a cancellation of the hold process leaving a homeowner with a bankruptcy and a foreclosure on their credit…ouch!

#6. Get a Personal Loan

This one probably isn’t one of the most favorable options since foreclosure isn’t something people are ecstatic about sharing. Never the less, it’s still a option that may help prevent foreclosure. Try reaching out to family, friends or someone you can trust for help.

6 powerful tip to help to prevent foreclosure
we buy houses guy giving tips on how to help prevent foreclosure

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