While the housing market is rebounding, many people in Kansas City are still struggling to make their mortgage payments. Thankfully, there are a number of things that you can do to avoid foreclosure in Kansas City, and it’s important to remember that acting fast is absolutely paramount to saving your credit score and your home to avoid foreclosure in Kansas City.
If your home is underwater or you have trouble keeping up with your monthly mortgage payments, you may start getting fearful at the fact that your mortgage provider could foreclose on your home.
So let’s dive in on a couple of quick tips on how to avoid foreclosure on your home possibly.
How to Avoid Foreclosure in Kansas City:
Do Not Abandon Ship
Many people simply give up and walk away from their homes not thinking that there are other possibilities that could help stop foreclosure in Kansas City. There are even areas in Kansas City that have begun to look like ghost towns as the economy has impacted residents significantly. Detroit is a prime example of what can happen when people abandon their homes – people unwantedly up and left due to the mortgage crisis in 2008.
This can be a stressful situation, but it’s extremely important to keep your wits about yourself. A foreclosure will have a huge negative impact on your credit score, and will likely prevent you from purchasing a home for years to come. If you sell your home, you could leave a portion of the loan unpaid, and the lender could pursue legal action against you for the unpaid portion.
While it’s extremely stressful, you do have options:
• Negotiate with your mortgage lender. Banks and other financial institutions are well aware that the citizens of Kansas City are struggling. If you haven’t missed a payment yet, you may have some leverage to renegotiate the terms of your loan. Banks don’t like foreclosing on homes, and many will work with you if you aren’t too far behind. You may be offered forbearance or even a full loan modification.
• Ask Uncle Sam for help. Over the last five years, the federal government has implemented a number of programs to help struggling homeowners. The Home Affordable Modification Program (HAMP) allows struggling homeowners to modify their loans, reducing monthly payments. The Home Affordable Refinance Program allows homeowners who are current on their mortgage payments to refinance an adjustable-rate mortgage into a low-interest, fixed-rate loan. Both of these programs are subject to eligibility requirements.
• Follow-through on your new options. After getting a possible solution to your oncoming foreclosure, make sure to follow through on the things that need to be fulfilled from your end to help speed up the status of your foreclosure, and perhaps even stop foreclosure in Kansas City. Whether it’s just getting in touch with the bank for another negotiation process, or getting in touch with a home buyer like KC Property Connection to explore other options for your property.
A foreclosure does not define you financially.Michelle Singletary
We understand that the possibility of losing your home can be stressful. You aren’t alone. Citizens all over Kansas City are going through the same troubles. Foreclosure can have a lasting effect on your financial life, and it’s important to move quickly and take advantage of any options available. You could save both your credit rating and remain in your home.
We may be able to help you as there are a number of things you can do to avoid foreclosure in Kansas City. Connect with us today and let’s discuss your situation. We don’t charge any fees to evaluate the situation, we simply present you with your options so you can move forward and get this foreclosure behind you.
Get a cash offer on your Kansas City property today and move on from the headache of a stressful house.