You aren’t the only one facing mortgage delinquency in the town; there are hundreds of others like you. What you need to do now is to play it smart and cool. Have some strategic approach and you can stop foreclosure auction immediately. Hiring a professional foreclosure attorney can save you a big-time, however, these are some of the options that you have right now. You may become able to stop foreclosure, even at the last minute if you carefully avail one of these options;
1. Talking to your lender might be a great idea
Talking to your lender about this may help you find some way. He may allow you to modify the terms to provide you with some relief. Before that, your lender will evaluate your case in detail. If the lender finds it a fine deal to modify the terms, he will definitely get you there.
2. Forgiven payments can get you back on track
Lenders, at times, forgive payments provided your track record. You can try to convince him for this so that all of it happens with ease. This option cannot stop foreclosure sale once and for all, but it can buy you some time.
3. You can freeze your interest rate
Freezing interest rate is possible only in one case; you are on an adjustable mortgage. The lender will freeze the interest rate before it changes. Here is to note one thing that freezing interest rate may haunt you later if the interest rate decreases instead of increasing.
4. Add the payments to your loan’s balance
Having a loan for a while means you have some equity build-up. The lender may allow you to add bank payments to the loan.
5. You can sell the home
This one is a difficult option to choose, especially for someone who doesn’t have any other place to live. So potentially, the idea of selling a home is for someone who has some alternative after selling this home.
6. Short selling is another option for you
A short sale means that a lender allows you to sell the property for a lesser amount than what is due as a mortgage balance. However, it’s not easy to find a buyer for short-selling where foreclosure is involved. That’s why cash house buying companies or private real estate investors are the potential customers for short sale and not the regular home buyers.