How to Avoid Foreclosure

It can happen to anyone, but it can be avoided. Before settling for losing your home, be sure to consider the following suggestions:

1. Recognize there is a problem and address it.


If you decide to ignore the issue, the probability of reaching an agreement with your lender will decrease, and so will the likelihood of saving your house.

2. Speak with your lender.


Your lender can help you in various ways. They are not interested in taking your house. Contact them.

3. Read every mail from your lender and answer their calls.


Lenders usually include information about what to do to prevent foreclosure in the initial notices. Further mail can contain crucial information about pending legal action. Not reading such mail is not excusable in foreclosure court.

4. Learn about your mortgage rights.


Read your loan documents and understand the actions your lender might take if you are unable to make your payments.

5. Know your options.


Foreclosure prevention is also known as loss mitigation. Click here for more information.

6. Speak with a housing counselor.


To learn about the law and available options, contact a housing counselor. They can also help with the organization of your finances and be your representative in negotiations with your lender.

7. Spend wisely.


Examine your finances and determine where savings might be hiding. Your wellness comes first, followed by keeping your house. Cancel subscriptions and memberships you don’t need. Pay your mortgage before paying credit cards and other debt.

8. What can you sell?


Your second car is an example of an asset you can sell to pay your mortgage. Can anyone in your household get an extra job to bring in additional income? Although such actions might not bring significant increment to your available cash, they still show your lender your willingness to do whatever you can to save your home.

9. Don’t use foreclosure prevention companies.


Instead of paying foreclosure prevention companies, use the sum to pay the mortgage. The fees these companies charge can pay two or three months of mortgage, in many cases. Interestingly, your lender or a housing counseling agency will offer the same service for free, if you get in touch with them.

10. Be aware of scams.


You can lose your house to scammers as some organizations will claim that they can stop your foreclosure immediately, if you sign a document appointing them to act on your behalf. It is possible that they might be tricking you into signing over your property title and becoming a renter in your own home. Ensure that you understand the content of any legal document before signing.


Running out of time?


If you have tried the above suggestions and still haven’t found a solution, you are running out of time or simply don’t want to deal with the process, you can sell your house to a reputable house buying company. These companies offer many advantages and can buy your house in as soon as 7 days.

Here at As-Is Utah Home Buyers, we are a family owned house buying company, and pride ourselves in offering effective solutions tailored to the necessities of our clients. We can buy your house in as soon as 7 days, but that doesn’t mean you need to move in 7 days. We will work with you and your timeframe, and make the process of selling your house quick and simple, with no fees or commissions.

Call or text: (801) 923-3719

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