Despite the many options available for homeowners to explore to stop foreclosure, many homeowners find it challenging to make the right decision. It could be because foreclosure can cause a lot of physical and emotional stress and thereby making it hard to make the right decisions. You shouldn’t just walk away from your home because you don’t have money to pay off your loan or because the process is challenging. The effect of a foreclosure on your financial life and credit score is not good. It can make it difficult for you to secure another loan. Don’t give up until the final whistle is blown, that is until your home is sold. Here are three ways you can stop foreclosure in San Antonio:
Contact your lender
The federal law requires that your lender negotiates with you about loss mitigation options before foreclosing your home. Therefore you can contact your lender to find out about alternative solutions available for you. Foreclosure is a stressful process for your lender. Many would prefer to prevent it and discuss loss mitigation with you. Do not waste time on this because of the closer the foreclosure sales date, the lesser the chance of your lender discussing loss mitigation with you.
Government help
On all levels, the government has made various available programs to help homeowners having trouble with their mortgage payment stop foreclosure. Such programs offer different services and differ with states. You can discuss with an attorney to find out which is available in your state. The Home Affordable Modification Program (HAMP) helps homeowners with the process of loan modification and make it easier for them to stay on track with their mortgage payment. Other programs offer grants, legal advice, information, and many more to help homeowners prevent foreclosure.
Rent your home out
If you want to prevent the ugly effect of foreclosure and have no money to stay on track, you can rent the property out for a while to someone you’re sure will make payment regularly. By doing this, you will keep paying your mortgage and have enough time to think about a lasting solution to stop foreclosure on your home. Your credit score will also be kept in good shape by renting out your home.
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