There are many ways that unforeseen hardships can lead a homeowner to fall behind in making their mortgage payments on time. Things like an unexpected job loss, a divorce, unforeseen medical bills and mortgages that have adjusted up to a rate a homeowner can no longer afford are all examples of how homeowners can become distressed in today’s challenging economy.
If you are experiencing any sort of unexpected financial crisis and have fallen behind on your mortgage, the feeling that there is no other option but foreclosure can be an overwhelming experience. You must understand that you are not alone- there are thousands of families in America facing the same challenges.
What you need now is help, guidance and a real estate professional who understands the difficult choices you are facing. Quite often, a homeowner facing a foreclosure thinks that they have to go through the process alone, but reality is that now more than ever there are solutions and there is help. Patience is key, but time is of the essence. The worst thing you can do if you are behind on your mortgage is to do nothing at all.
For starters, begin to educate yourself on the options facing distressed homeowners. Do you know what a short sale is? Do you understand how a short sale differs from a foreclosure? Do you know how banks view short sales? These are the basics, but soon you will start to hear about concepts like negotiating with your lender’s loss mitigation department, hardship letters, notices of default, HUD-1 settlement statements and more. Going it alone when you have fallen more than 60 days behind on your mortgage can lead to losing your home and ruing your credit for a decade or more.
As Certified Distressed Property Experts (CDPE) our team specializes in helping homeowners in the Jackson and Medina Tennessee markets avoid foreclosure, and we can provide you with information on the alternatives. We will explain the effects that foreclosure can have on your credit, prospects of future home ownership and offer other options that may be available to you (like a short sale).
The time to seek help is now, and we are here for you. Your next steps are simple. Contact us today, then start to compile a complete disclosure of your financial affairs. Gather your recent bank statements, tax returns and pay stubs. There will be more to do, but this is where to start taking the pressure off. Just remember- do not delay. Contacting us now will give you the best chance to avoid foreclosure and the long term consequences that come with it.
