8 Best Ways To Avoid Foreclosure In Mooresville, NC

Facing foreclosure is a devastating experience and could lead to serious depression. Although it is not the end of life. The foreclosure process allows your lender to take over your home and sell your property to a different owner if you don’t meet up with the payment of your debt. However, if your home is at risk of foreclosure, it is not the time to start panicking. You should devise a way forward instead.

As a result, we have come up with this article to enlighten you about the 8 best ways to avoid foreclosure in Mooresville, NC. To make life easier, work with a trusted real estate company like Maverick Property Group. Let us deliver you from foreclosure and take you out of debt.

8 Best Ways To Avoid Foreclosure In Mooresville, NC

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1) Applying for a Loan Modification Agreement

If you have proof of financial hardship or a high debt to income ratio, you can apply for a loan modification from your lender. By doing this, you can change the terms of the loan to the one that suits you. It could also result in lower monthly payments.
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2) Lease or Assumption Loan

This process allows you to have another buyer to assume your loan. By transferring the loan, you will have to make the payments current. Hence, working with the lender is crucial in this step.
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3) Take up a Government Approved Mortgage Program

There are several government programs that are aimed at helping homeowners to avoid foreclosure in Mooresville, NC. Just like the Loan Modification Agreement, you need to send proof of financial hardship before you can be eligible to undertake one of the available programs.

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4) Giving your Lender a Deed

Instead of going through a foreclosure, it is better to give your deed back to the lender. You can then give your home to the bank and walk away unattached. When you do this, you will not have any case of foreclosure on your record.
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5) Ask for a Short Sale

As a homeowner, you can negotiate a short sale with your lender. Most lenders often approve short sales when they know you are facing some sort of financial hardship. In fact, if your lender believes they can make more money from the short sale than through foreclosure, they will approve your request faster.
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6) Apply for a Reinstatement

This process is an expensive one. It means you want to catch up on all of your payments alongside the attached fees. When going through this process, you shouldn’t borrow money at any point. However, if you are financially buoyant enough to handle it, you can go ahead and take it.
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7) Apply for Forbearance on Your Mortgage

If your bank deems you fit for this process, then your request will be granted. One thing you need to know is that you must show why you are requesting it, and why they should approve it. With the mortgage forbearance in place, you can skip certain payments and pay them back anytime you want. It is easier this way.
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8) Bankruptcy

If you have more financial problems aside from late mortgage payments, then you can file for bankruptcy. Declaring bankruptcy should be your last choice. This is because you will not be allowed to borrow money and will stop returning any money to your lender. Besides, you will be able to remain in the house so that you can save up the money you are earning to rent a new place.

Let’s Teach You How To Avoid Foreclosure In Mooresville, NC, Completely

Facing foreclosure can be a terrible experience, but not a death sentence. However, working with Maverick Property Group is the best decision for you at a difficult time like this. We have experience in dealing with frustrated homeowners who want to sell their properties and settle their debts.

We can purchase your home directly and make you an all-cash offer (often within 24 hours). You can be sure of a hassle-free transaction when you work with us so that you can move on to live the best life that you deserve.

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