After missing a couple of payments on your mortgage loan, it’s normal to fret the possibility of having your home foreclosed. The foreclosure process in Charleston is equally stressful as in other places. It takes so much time and money that many lenders will prefer negotiating a loss mitigation alternative than foreclosing your home. However, after waiting for the mandated period of 120 days and not taking the necessary steps, your lender will have to initiate foreclosure. It would help if you didn’t wait till it gets to his point before taking action. There are various options you can use to stop the foreclosure process on your home in Charleston. Consider the following:

Loan modification

Contact your lender to explain your financial difficulties to them and how you plan to get out of such a situation. Write a hardship letter to your lender to make your request and file out a loan modification application. Your lender might request that you send some other documents and do as they instruct to get the process underway in no time. Once your application is accepted, and in processing, your lender must pause the foreclosure process until your loan modification has been processed. With a loan modification, you can increase your loan’s duration, reduce the interest rate, and make other significant changes.

Sell your home to an investor.

Selling your home to an investor comes with a lot of benefits that you should know about. It happens quicker than listing your home. It can take months before you get a buyer if your home is listed. However, you can meet with an investor directly and sell the house within a few days or weeks. Selling your home will help you preserve your credit score and make it easier to secure another mortgage loan. The money gotten from the sale will be used to pay off your debts, and you can keep the rest. However, you must have good equity on your home to be able to use this option.