If you are a homeowner struggling to make your mortgage payments, there are several steps you can take to avoid foreclosure. One option is to contact your lender and ask for a loan modification. This can involve lowering your interest rate, extending the term of your loan, or even reducing your monthly payments. Another option is to sell your home before it goes into foreclosure.

If you owe more on your mortgage than your home is worth, you may be able to negotiate a short sale with your lender. This involves selling your home for less than you owe on your mortgage, but it can be a better option than foreclosure. Additionally, there are several government programs designed to help homeowners avoid foreclosure.

The Home Affordable Modification Program (HAMP) provides incentives for lenders to modify the loans of struggling homeowners, while the Home Affordable Refinance Program (HARP) helps homeowners refinance their mortgages to more affordable terms.

Similar Posts


Leave a Reply

Your email address will not be published. Required fields are marked *