8 Last-Minute Strategies if you are about to face Foreclosure In Charlotte, NC

Foreclosures in Charlotte, NC, happen to 1 in every 17,000 homes. Losing your home can be a scary thing to go through, but there are options. Foreclosed homes in Charlotte, NC, are down 88% from last year, and these eight last-minute strategies have helped people avoid foreclosure:

Short Sale

Your lender may approve a short sale if they believe that they can make more money that way than through foreclosure. You must be able to show financial hardship or a considerable loss in home value for your lender to approve a short sale, which is ultimately their call if you request it.

Reinstatement

Being able to reinstate your mortgage requires a lot of money since you will need to catch up on all of your payments along with fees. This option is a tricky proposition and may require that you borrow money to get reinstated.

Loan Modification

You can apply for a loan modification with your lender if you can show financial hardship or a high debt to income ratio. By getting a loan modification, you may change the terms of the loan. Sometimes the past due amount may be added back into the loan with it being brought current and your payments extended. Sometimes this even leads to lower monthly payments.

Lease or Assumption Loan

It is possible to get your lender to approve an assumption loan. This option is where you have another buyer to assume your loan. By transferring the loan, you will most likely have to make the payments current, so working with the lender is crucial.

Government Programs

There are a few government programs aimed at helping homeowners avoid foreclosure. Like many other options, you will probably have to prove financial hardship to get approved for one of these programs. The different programs include:

Home Affordable Refinance Program (HARP)

Second Lien Modification Program (2MP)

Home Affordable Modification Program (HAMP)

Principal Reduction Alternative (PRA)

Tips that help you avoid foreclosure

Mortgage Forbearance

Mortgage forbearance is an option that you can work with your bank to see if you qualify. You will need to show why you are requesting it, and it is up to the bank as to whether or not they will approve it. This option will allow you to skip payments or bring your account current while adding the past due amounts to your loan’s back end.

Deed Instead of Foreclosure

Deed instead of foreclosure means that you give your deed back to the lender instead of having your home foreclosed. You then give up your home to the bank who can see it and hopefully recoup their investment. You will walk away free and clear without a foreclosure on your record.

Bankruptcy

If you are having more financial issues than just paying for your home, for instance, credit cards and other loans, you may look at filing for bankruptcy. This choice should be your last option, but it can help you get back on your feet and out from under massive amounts of debt.
Having financial difficulties and facing foreclosure can be a terrifying thing. It is worth discussing with your lender and looking into government aid to help ease your mind. These tips can help you avoid foreclosure and get you back on track.

If You Need More Information About Saving Your House From Foreclosure Please Contact Us

We have worked with many clients facing foreclosure and we are happy to help you by sharing our expert advise. Feel free to call us today.

 

Call: (704) 614-6699

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