Avoiding Cedar Rapids Foreclosure
Last time we checked with Zillow, there were over 200 homes in Cedar Rapids inn some state of foreclosure. Today Zillow shows just over 100 homes. The housing market has improved a lot.
Foreclosure doesn’t just suddenly appear on your doorstep like a long lost relative after winning the lottery. Like tornados, there are signs of approaching trouble, including:
- having difficulty paying the mortgage payment on time
- having very little savings for emergencies
- using credit cards to get to the next pay day
- paying the minimum on your credit cards
- neglecting doctor and dental visits
- shrinking from the ring of the phone
- change in employment or change in debt to income ratio
If you experiencing troubles like those on the list, your top priority is Avoiding Cedar Rapids Foreclosure
- Contact your lender and level with them. There are some things your lender can do. When you come clean about your financial situation, he may be able to modify the loan, offer forbearance or give you repayment options. Loan modification could include a reduction of the interest rate, convert from a variable interest rate to a fixed interest rate, or extend of the length of the term of the loan. While a loan modification agreement is a permanent solution to unaffordable monthly payments, a forbearance agreement provides short-term relief for borrowers. With a forbearance agreement, the lender agrees to reduce or suspend mortgage payments for a certain period of time and not to initiate a foreclosure during the forbearance period. Pre-payment options could include a plan to repay missed payments in addition to making monthly payments, especially if there is a temporary hardship
- Don’t ignore your mail. Many have been in your shoes. The first thing many did when the mail came was throw the bills in a drawer. Those first envelopes will contain helpful suggestions to get things under control. Then will come legal action. Ignoring those notices can cause you to lose everything.
More ways of Avoiding Cedar Rapids Foreclosure
- Know the Process of Foreclosure: If you miss a few mortgage payments you are in default. Your mortgage servicer will probably send a letter or two reminding you to get caught up, as well as call you to try to collect the payments. When the lender issues a notice of default and you will have not less than 30 days to cure the default. You can cure the default by bringing the loan current with the lender and paying the late fees. Keep in mind if you do nothing, depending on the timing of the various required notices, you house can be sold at auction. It usually takes approximately 60-90 days to effectuate an uncontested non-judicial foreclosure.
- Contact a credit counselor. The objective of most credit counseling is to help the creditor avoid bankruptcy, as well as provide basic education on financial management. Many counseling services also negotiate with creditors on behalf of the borrower to reduce interest rates and late fees.
- Contact a bankruptcy attorney. That sounds contrary to taking responsibility, but you need to know your options so you can make informed decisions.
- Contact a professional real estate investor. You may want to sell your home fast to get out of the problem or to save your credit rating. Harmony Property Solutions, LLC is here to help homeowners out of any kind of distressed situation. As investors, we can help homeowners out of just about any situation, no matter what! There are no fees, up-front costs, commissions, or anything else. Just the simple honest truth about your home and how we can help you sell it fast to resolve any situation.
In summary, recognize approaching trouble, contact your lender, and seek professional help.
We will send you FREE information about How to Sell Your House Fast.
Harmony Property Solutions, LLC is here to help homeowners out of any distressed situation. As investors, we are in business to make a modest profit on any deal. However, we can help homeowners out of just about any situation, no matter what! There are no fees, upfront costs, commissions, or anything else. Just the simple, truth about your home and how we pay cash for houses Cedar Rapids.
Harmony Property Solutions, LLC is part of a nationwide group of thousands of investors who are helping tens of thousands of homeowners every year. We may not be the “traditional” route, but we CAN help, and we can do it quickly!
Give us a call today at 319-343-6773 to let us know how we can help YOU.