Foreclosures are becoming a larger and larger problem, given the politicians’ shut down of the economy in response to the Wuhan Flu. While lenders have delayed mortgage payments for a time, the Federal Reserve continues to print money that’s being sent to citizens in an effort to stop foreclosures by providing money that the borrowers require. While these benefits can help you stop foreclosure in Greenville they’re not going to be all you need. Stopping foreclosure is a time-consuming process and there are a lot of moving parts, but the potential to stop foreclosure and save your credit is worthwhile. Here’s what you can do to get started!
Act Now
There is absolutely zero time to waste. If you are even one payment behind on your mortgage, you need to act now. As humans, we always tend to look toward the future with positivity. We say to ourselves “things will work out”, “they won’t kick me out of my home” or “they’ll let me miss a payment or two. I’ll catch up.” While it’s great to keep an heir of positivity, it’s also crucial to be realistic.
When you are 90 days behind on your mortgage payment, you enter into the red zone. At that point, the lender begins the full-on foreclosure process. They know that very few people are able to bring their payments current after that point. Finish reading this article, take action, and implement these steps now. Don’t wait.
Maintain Contact With Your Lender
We get it. It’s going to be embarrassing.. It’s going to be a challenge.. You may lose sleep from time to time during this process, but fight through the pain and make the call. Figure out who the single point of contact will be with your lender and call them, at minimum, once each week to follow up and update them. Consider this the most critical step of of those you’ll read about in this article.
If your point of contact is a complete jerk, then ask for someone else. There’s no guarantee they’ll give you someone, but it’s worth asking. Either way, it is absolutely critical that you stay in contact with your lender a minimum of once each week. You need to be the one to call them. If they have to chase you, it’ll make the situation much worse. Be the easy client that they love to work with!
Complete Tasks Given By Your Lender
Your lender is likely going to give you a laundry list of things you need to do to stop foreclosure. Do them immediately. You may need to balance them between a job or other important tasks, but this should take the majority of your attention. Write everything down on a sticky note and tape it to your bathroom mirror or get a small spiral notebook to carry with you. After each weekly call, write down everything you need to do and cross tasks off as you go. Put a completion date next to the crossed-out item and write any notes about people you need to follow up with.
Keep these lists for your records. Follow-ups will be important, especially if you’re needing information from a government institution or ex-employer. They tend to be slow.
Talk To Real Estate Professionals
While following all of the steps above greatly increase your chances to stop foreclosure in Greenville, it’s going to be critical that you understand the process from a real estate professional’s point of view. Again, there’s a lot of moving parts in the process so scheduling time to meet with the following professionals will give you greater clarity on what you can do to stop foreclosure.
Real Estate Agent
Make sure to discuss the possibility of a short sale with your lender. Prior to doing so, it’s important you learn about how a Greenville real estate agent fits into that process. Once the lender agrees to the short sale, they will get into contact with a real estate agent and come up with a sale price. They will then list the property at that price and if they don’t get an offer, they’ll begin to drop that price.
The most important thing you can do is to get all of the documentation the lender and real estate agent request and do not lie. Tell them the entire truth about your situation. A majority of sellers lose out on a short sale and get foreclosed on because they lied or didn’t give the correct information to their lender or Greenville real estate agent.
Foreclosure Attorney
There are plenty of attorneys that work with closing in the area, but you’ll primarily want to speak with the ones who work with foreclosures. They can help you understand what you’re up against. These attorneys can also correspond with the lender for you for a fee. Having someone that speaks the lender’s language on your behalf can be a huge help during this time.
Home Buyer
This is the most critical professional that you’ll want to speak with. The reason is that a home buyer like Pitt Home Buyers can stop foreclosure by buying your house for cash, or by taking over the mortgage payments. A home buyer is someone you can contact immediately after missing your first payment. You may end up not needing their services (we hope!) but they can give you a great overview of your options. There are headwinds in your life, and a local home buyer can provide the fast sale you need. This helps you ride those winds, instead of allowing them to dash your credit upon the rocks!
The most important thing you can do is to take action. All of the steps above can be a huge help in stopping the foreclosure process, but only if you do them. Talk action on them today!