Despite the housing market’s recovery, many residents of Jacksonville NC are still struggling to make their mortgage payments. If you’re underwater on your home or having trouble keeping up with your monthly payments, you might be worried about the possibility of foreclosure. Fortunately, there are several actions you can take to avoid this outcome. Acting quickly is crucial to save both your credit rating and your home.
Steps to Avoid Foreclosure in Jacksonville
Don’t Abandon Your Home
Some homeowners simply walk away from their homes when facing financial difficulties. This has led to areas in Jacksonville starting to look like ghost towns, as the economy has severely impacted many residents. Abandoning your home can have severe consequences, including a significant negative impact on your credit score and potential legal action from your lender for any remaining unpaid loan balance.
Even though this is a stressful situation, it’s essential to stay calm and consider your options:
- Communicate with Your Mortgage LenderBanks and financial institutions understand that many residents of Jacksonville are facing financial hardships. If you haven’t missed a payment yet, you might have the opportunity to renegotiate the terms of your loan. Lenders generally prefer to avoid foreclosure, and many are willing to work with you if you aren’t too far behind on payments. They might offer forbearance or a loan modification.
- Seek Assistance from Federal ProgramsIn recent years, the federal government has launched several programs to aid struggling homeowners. The Home Affordable Modification Program (HAMP) helps homeowners modify their loans to reduce monthly payments. The Home Affordable Refinance Program (HARP) allows those who are current on their mortgage payments to refinance an adjustable-rate mortgage into a low-interest, fixed-rate loan. Eligibility requirements apply to both programs, but they can provide significant relief.
Take Action to Avoid Foreclosure
We understand that the prospect of losing your home is incredibly stressful. However, you’re not alone—many people in Jacksonville are in similar situations. Foreclosure can have long-lasting effects on your financial life, so it’s vital to act quickly and explore all available options. This could help you protect your credit score and keep your home.
If you’re facing foreclosure, we may be able to help. Contact us today to discuss your situation. We don’t charge any fees—we’ll assess your circumstances and present you with options so you can move forward and put this foreclosure behind you.