How to Avoid Foreclosure in Louisville

You Can Avoid Foreclosure On Your Louisville Home.

While the housing market is rebounding, many people in Louisville Kentucky are still struggling to make their mortgage payments month to month on their house. Avoid foreclosure in Louisville!

If you’re underwater on your home, or having trouble keeping up with your monthly mortgage payments, you could be fearful that your mortgage provider is going to foreclose on you and keep the foreclosure on your record for 7 years.

Thankfully, there are a number of things that you can do to avoid foreclosure in Louisville. It’s important to remember that moving quickly is absolutely paramount, and could save your credit rating and your home in these hard times.

So lets dive in on a couple quick tips on possibly how to avoid foreclosure in Louisville with your home before the sale gets here.

The Keys of How To Avoid Foreclosure in Louisville Don’t Abandon Ship

Many people simply give up and walk away from their home in this situation. There are even areas of Louisville have begun to resemble ghost towns, as the economy has impacted residents significantly.

Detroit is a prime example of what can happen when people abandon their homes. In this article we go over how to avoid foreclosures so this does not happen to you.

This can be stressful situation, but it’s extremely important to keep your wits about you. A foreclosure will have a huge negative impact on your credit score for 7 years, and likely prevent you from purchasing a home for years to come. If you sell your home, you could leave a portion of the loan unpaid, and the lender could pursue legal action against your for the unpaid portion. You also have the option of doing a short sell if the amount owed is greater then what the property is worth.

Another way on how to avoid foreclosure in Louisville Kentucky is to sell your house through owner financing and create your own terms somebody will pay on your owner financing deal. What is owner financing you ask and how can I do that?

What is owner financing? In owner financing, also known as seller financing, the owner and buyer agree on the purchase terms. After both parties sign the paperwork, the buyer can move into the house and take possession of the property. Each month, the buyer makes a payment to the owner instead of a bank.

While it’s extremely stressful, you do have options:

Negotiate with your mortgage lender. Banks and other financial institutions are well aware that citizens of Louisville are struggling. If you haven’t missed a payment yet, you may have some leverage to renegotiate the terms of your loan. Banks don’t like foreclosing on homes, and many will work with you if you aren’t too far behind. You may be offered forbearance, or even a full loan modification.

Ask for help from Uncle Sam. Over the last five years, the federal government has implemented a number of programs to help struggling homeowners. The Home Affordable Modification Program (HAMP) allows struggling homeowners to modify their loans, reducing monthly payments. The Home Affordable Refinance Program allows homeowners who are current on their mortgage payments refinance an adjustable rate mortgage into a low-interest, fixed rate loan. Both of these programs are subject to eligibility requirements and you should look in to them as soon as possible.

We understand that the possibility of losing your home can be stressful. You aren’t alone. Citizens all over Louisville are going through the same troubles. Foreclosure can have a lasting effect on your financial life, and it’s important to move quickly and take advantage of any options available. You could save both your credit rating and remain in your home.

We may be able to help you avoid foreclosure… connect with us today and lets discuss your situation. We don’t charge any fees… we’ll evaluate your situation… and present you your options so you can move forward and get this foreclosure behind you.

Give us a call anytime at 502-461-1450 or
fill out the form on this website today! >>

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