The average American homeowner knows the hard work it takes to maintain a residence. Depending on how long you've owned your home, you may have invested a lot of hard-earned money into paying the mortgage on a monthly basis and you may have accumulated a considerable amount of home equity that you don't want to lose.
This is why the threat of foreclosure can be so frightening. Foreclosure could wipe away years of diligent savings in a heartbeat.
Fortunately, there are some foreclosure prevention strategies that could assist you if you're under the threat of losing your home. Here are two of them:
Negotiate with your bank: Your bank actually does not want to foreclose on your property as the process will cost the institution a lot of money. As such, homeowners facing foreclosure may have a little bit of wiggle room in terms of bargaining. See if you can work out a suitable compromise with your bank that allows you to keep your home and get back on track with your payments.
Consider a short sale: You might be able to sell your home before the foreclosure auction has been scheduled. If you can find a buyer, your bank must consider the option as a reasonable short sale. The bank may also see the short sale as a way to save time and effort associated with the foreclosure, and it will allow you to unload a home that you cannot afford.
Are you facing a foreclosure emergency? The above strategies are just two that will be useful to the average homeowner. Be sure to take advantage of any other foreclosure prevention tips you can find.
Source: HGTV, "5 Ways to Stop the Foreclosure Process," Tara-Nicholle Nelson, accessed March 09, 2018