Avoiding Foreclosure

What Are Your Options?

Borrow From a Close Family Member or Friend:

For someone who is facing financial problem, perhaps the basic instinct is to turn to a trusted loved one for some assistance. Talking to a close relative or friend and explaining your problem to them might solve your problem. If it is possible to borrow some money in order to ward of the foreclosure of your home then you can come up with a realistic timeline for paying back their money. Be honest about your situation and about how long it would take to pay them back. They need to be sure that they are making the right decision by helping you.

Talk to Your Lender about Possible Alternatives:

It might come as quite a surprise to many that lenders will be willing to listen to why you are not able to make your contracted mortgage payments. The fact is that lenders make their money from your principle and interest payments. The foreclosure of your home is not something they would want either!

Before you contact your lender and explain your problem to them, be sure you have charted out an alternative plan which is both truthful and realistic. You need to communicate to your lender about how long it is going to take you to get back on your feet. You can either ask for your payments to be suspended for some time, while you tidy up your finances. Another alternative is to make reduced payments for a few months till you are able to make your original payments again.

No matter what the alternative, it is essential that both parties clearly understand and agree to the new terms. Be sure that there is a written agreement and all the correspondence pertaining to this new agreement should be kept.

Refinance Your Existing Loan:

Refinancing your existing loan might be another alternative you can opt. By researching about how you can refinance your debt at a lower interest rate, you might be able to work out your financial problems. It is a good idea to employ the help of a mortgage broker who can seek out a better interest rate for you.

Selling the House:

Another option to avoid foreclosure is to sell the house. Jurassic Properties is a North Texas real estate company that can purchase property for cash, preventing the bank from foreclosing. Not only will this stop the foreclosure process, it will save your credit and you may even be able to receive cash back at closing. Our investors can negotiate with your bank to stop the foreclosure process immediately and give you time to work something out! Simply fill out our Stop Foreclosure Form and someone will contact you with a solution to your problem!