5 Tips on How to Avoid Foreclosure

Are you fearing a possible foreclosure? Does it seem like you don’t know where to turn or where to start to avoid foreclosure?

As much as possible, we try to avoid missing our mortgage payments because this is when foreclosure occurs. Foreclosure is the legal means that your lender can use to repossess (take over) your home. When this happens, you must move out of your house and that is definitely something you wouldn't want.

Here are tips on how you can avoid foreclosure:

1. Don't ignore the situation.

The further you are behind on your payments, the harder it will be to reinstate your loan.

2. Contact your lender.

Most often, lenders do not want your house. They have different options available to help borrowers through difficult financial times.

3. Know your mortgage rights.

Go and find your loan documents and review them so you are aware of what your lender may do if you can't make your payments.

4. Review your finances.

Keeping your home should be your first priority after healthcare. You can review your finances and see where you can cut your spending to make your mortgage payment.

5. Get advice from your real estate agent.

Seek professional advice from your local real estate agent (AKA us!). If you need to avoid foreclosure on your Palm Beach County home or your Martin County home, we are the right team to help you with the short sale process. The short sale process is really simple especially if you break it down into small pieces and if you have a short sales team that is here to help you along the way, makes a huge difference.

If you have any questions about foreclosure, short sale, or maybe buying a foreclosure property, get in touch with us and let us know how we can help.