5 Mistakes People Make With Foreclosures

5 Mistakes People Make With Foreclosures

Agreed, foreclosures are bad news, but it’s just a bend in the road and not the end of it. With a bit of planning and forethought, you can manage your credit situation and save yourself from more financial mess. Here are five mistakes you can avoid when faced with foreclosure.

Being too little too late

You still have a few weeks to work things out after you’ve been served with a foreclosure notice. Do not wait until the last minute to do something. Lenders are happy to help, provided you contact them, while it’s still a win-win situation for both you and them. Talk to one to see if you can work out a payment agreement or modify the loan terms.

Not considering alternatives

You can modify your loan to make it easier to pay the monthly mortgage payments. A short sale is a popular option and is appropriate when the proceeds from the sale are less than the balance you owe on the mortgage, and the lender is ready to accept the payoff. Some owners sign a deed-in-lieu of foreclosure – meaning they hand over the deed to the house in return for an agreement canceling the loan.

Not knowing all the options available

There are several options for people wanting to escape a sticky foreclosure situation. Contact a lawyer or a foreclosure expert to explore your options and save your home.

Not calling the lender

As mentioned earlier, lenders are more than happy to help you avoid foreclosure. That’s because foreclosures are expensive! They cost 30-60% of the loan balance. So, contact your lender and ask for more accessible payment options.

Refusing to sell before foreclosure

If all other options fail, you can sell your house before the foreclosure goes through. Call us if you’d like to sell your home quickly for cash. We buy houses in Pittsburgh in less than two weeks and will take care of the paperwork and pay closing costs! Call us for more details.

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