How to Avoid Baltimore Foreclosure

Today, a large number of homeowners are facing Baltimore foreclosure and many wonder what steps they should take. Those facing foreclosure should be well educated on the subject. For example, homeowners should familiarize themselves with their local and state foreclosure laws, their rights as homeowners, and so forth. With that said, it is important to remember that foreclosures are preventable.

The easiest way to avoid Baltimore foreclosure is to make your monthly mortgage payments and do so on time. Some financial lenders will prepare for foreclosure after only one or two missed payments. While you will not be removed from your home right away, just know that the process is easy to get started, so never fall behind in your payments.

Of course telling you that you should make on time monthly mortgage payments doesn’t mean that you will or that you even can. If you see financial trouble in the near future, such as being laid off from work or being out of work due to an injury, speak to your lender. If a lender knows that your financial troubles are only temporary and if you have a history of on time payments in the past, they may be willing to work with you. This may involve smaller payments for the time being.

Even if you cannot get your financial lender to lower your mortgage payments, even just temporarily, there are still ways that you can avoid foreclosure. First and foremost, never ignore warnings and phone calls from your lender. Even if you do not intend to keep your home, it is important to be in constant contact with your mortgage holder. You will need to know what happens next and when you should leave the property.

If you have jewelry, a second car or other belongings that can be sold, you are encouraged to do so. This may give you the money needed to get your mortgage up-to-date and in good standing. Even if not in one hundred percent good standing, it shows your financial lender that you are trying your hardest to keep your home. As easy as selling some of your belongings are, know that acquiring a second job is often your best chance of success.

Increasing your income and temporary cash flow are just two ways to avoid Baltimore foreclosure and keep your mortgage payments up-to-date. With that said, many homeowners facing foreclosure are surprised to learn just how much money they can save up by prioritizing their spending. Due the recent rise in gasoline, food, and entertainment, consumers who never had to worry about using coupons or having a monthly budget need them now. All homeowners, especially those facing foreclosure are encouraged to track their spending habits and eliminate unnecessary purchase. The money saved should be applied towards mortgage payments.

Another easy way to reduce the risk of foreclosure is to seek professional assistance when needed. In some states, local governments and even mortgage lenders occasionally provide free foreclosure assistance to homeowners in need. As soon as you suspect that foreclosure may be an issue, you should meet with an attorney specializing in foreclosures or a HUD (United States Department of Housing and Urban Development) approved counselor. These are individuals who can advise you of your rights, help you understand your state’s foreclosure laws, as well as help you develop a plan of action. Homeowners facing foreclosure often report an overwhelming feeling that just cannot and will not go away. This is the time to seek professional help.

Finally, the United States Department of Housing and Urban Development (HUD) advises homeowners to not fall for foreclosure scams. These scams are often referred to as foreclosure recovery scams. Never believe the claim of an individual or company who says they can stop foreclosure proceedings with one signature. If you are not careful, you could still lose your home. What you may become instead is a renter who can’t afford the new rent. Never sign any documents pertaining to your home without first having a trusted and reputable attorney review them.

Real People Real Property is a real estate solutions company based out of Randallstown.  We’re a family owned business and focus on helping homeowners like you find solutions for your problem whether you’re going through a foreclosure, can’t sell your property, or just need to sell their house for all kinds of reasons. For more information visit our website or call us (410) 635-4359

Baltimore Foreclosure Prevention Tips

Typically a person’s largest investment is their home. Although the mortgage payment on your home may have seemed affordable at one time, sometimes utility bills, excessive lifestyles and even uncontrollable circumstances can drastically alter your financial situation to a point where your house may become in danger of being foreclosed. Foreclosure prevention is an incredibly important step to not only save your good credit history, but also save your home.

If it is becoming increasingly difficult to pay your monthly mortgage payments, and you are concerned about the possibility of foreclosure on your home, you may feel like digging your head in the sand and waiting for things to get better. But it is extremely important to take evasive action before it is too late. There are a number of foreclosure prevention options available to a person having difficulty paying their mortgage.

The Key to Baltimore Foreclosure Prevention

The first step in foreclosure prevention is to be upfront with your lender. Instead of ignoring mortgage bills and avoiding phone calls, talk with your lender to let them know that you are having difficulty, but that you are taking every step possible to turn things around financially and get back on track with your mortgage payments.

Often when lenders know upfront that there is a financial problem, and that the home owner is putting forth an effort to make mortgage payments, the lender will offer some leniency in the mortgage payments.

Lenders may come up with a foreclosure prevention plan that will allow for certain adjustments and temporary altered payment options so that a homeowner can pay only a percentage of the mortgage for a set time until they have a chance to get back on their feet. This foreclosure prevention option may come with a tacked on fee that is added to the mortgage, but may be a viable option for someone facing foreclosure.

Homeowners may also seek advice on foreclosure prevention from financial experts. Many websites offer expert advice on foreclosure prevention which could give some useful tips. It is important to be wary of your sources when obtaining advice from an internet site, but there is also an array of extremely valuable foreclosure prevention information which can be found just a mouse click away.

It is also important for a homeowner who is in fear of foreclosure to seek legal advice. There are many legal options one must consider when seeking foreclosure prevention. You may be able to modify, recast, or re-mortgage your home, which can then make the mortgage payments more affordable.

Although it most likely won’t be your first option, but you may also want to consider selling your home and moving to a more affordable home. Although this option may not be favorable it is a better alternative then having your home foreclosed upon, which will then make it extremely hard for you to obtain a mortgage on a different home.

The most important step to take when facing foreclosure is to make a plan of action. Educating yourself on foreclosure prevention and taking action can allow you to maintain your credit rating and hold on to your home.

Real People Real Property is a real estate solutions company based out of Randallstown.  We’re a family owned business and focus on helping homeowners like you find solutions for your problem whether you’re going through a foreclosure, can’t sell your property, or just need to sell their house for all kinds of reasons. For more information visit our website or call us (410) 635-4359