While the housing market is rebounding, many people in Louisville and surrounding areas are still struggling to make their mortgage payments.
If you are having trouble keeping up with your monthly mortgage payments, you may be fearful that your mortgage provider is going to foreclose.
Thankfully, there are a number of things that you can do to avoid foreclosure in Louisville.
It’s important to remember that moving quickly is absolutely paramount and could save your credit rating and your home.
So let’s dive in. Here is our advice on how to avoid foreclosure in Louisville.
The Key to How To Avoid Foreclosure in Louisville: Don’t Abandon Ship
Many people simply give up and walk away from their homes. There are even areas of Louisville that have begun to resemble ghost towns.
Facing foreclosure can be a stressful situation. However, it’s extremely important to keep your wits about you. A foreclosure will have a huge negative impact on your credit score and could prevent you from purchasing a home for years. If you sell your home and leave a portion of the loan unpaid, 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 citizens of Louisville are struggling. If you haven’t missed a payment yet, you may have some leverage to re-negotiate the terms of your loan. Banks don’t like foreclosing on homes. Many will work with you if you aren’t too far behind. You may be offered forbearance (allowing you to pause or reduce your payments for a limited time), or even a full loan modification.
• Ask for help from Uncle Sam. 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 HAMP gives homeowners who are current on their mortgage payments the opportunity to refinance an adjustable-rate mortgage into a low-interest, fixed-rate loan. Both of these programs are subject to eligibility requirements.
We Can Help
We understand that the possibility of losing your home can be stressful. Foreclosure can have a lasting effect on your financial life. However, 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 avoid foreclosure! If you are thinking, “I want to sell my house fast in Louisville, Kentucky,” you have come to the right place.
We Buy Houses in Kentucky is owned and operated by husband and wife team, Daniel and Catherine Close. We buy houses as is, and we offer cash for houses in Louisville, Kentucky and surrounding areas, including: Bardstown, Fern Creek, Highview, Jeffersontown, La Grange, Lyndon, Mount Washington, Newburg, Okolona, Shelbyville, Shepherdsville, Shively, St. Matthews, Taylorsville and Valley Station. We also buy homes in Southern Indiana, including these areas: Clarksville, Jeffersonville and New Albany.
Connect with us today. Let’s discuss your situation and the possibility of an as is home sale. We don’t charge any fees, we’ll evaluate your situation, and we’ll present you with options so you can move forward and get this foreclosure behind you.