Foreclosure can occur if you do not make your home mortgage payments. If a foreclosure occurs, you will move out of your home since your lender will repossess your home. You can still avoid foreclosure Knoxville because your lender does really want to repossess your home. Your lender can even work with you to keep you in your home.
Are you in foreclosure or are you about to be in foreclosure in Knoxville? If yes, we can help you! Here at Vol Homes, we help homeowners solve their real estate problems.
We can help you end the hassles and take control of your situation. Contact us today for the best options to help you solve your current situation.
Here are the best ways to avoid Foreclosure Knoxville:
1. Know Your Legal Rights
You need to know what will happen if you do not make your mortgage payments. And you need to know if you can reinstate your loan.
For instance, if you catch up on your past-due amounts, you may have the right to reinstate the loan.
You must also know the number of days your lender has before starting a foreclosure. Knowing your legal rights can help you avoid foreclosure.
2. Review Your Budget
It is important to make your loan payments on time to avoid foreclosure. Therefore, you must review your budget to ensure you have enough money to make your loan payments.
You can even look for ways to reduce your monthly expenses. You can eliminate the expenses you do not really need.
Create a realistic budget to help you avoid foreclosure.
3. Short Sale
Your lender may decide to forgive the remaining debt. Therefore, your lender will allow you to sell your home for less than the amount of the outstanding loan.
Your lender will take the proceeds. However, you will need to hire a realtor with experience in short sales to sell your house.
4. Do Not Ignore Your Lender’s Letters and Calls
If you fail to make your mortgage payments on time, your lender may call you to know why you are not making your payments. Your lender might even send you a letter through your mail.
Do not ignore the letters and calls from your lender. You can talk with your lender to discuss your options to avoid foreclosure.
5. Contact Your Lender
Once you realize you cannot make your mortgage payment on time, you need to contact your lender immediately. Lenders do not want to repossess your home, so they are more likely to help their clients through difficult financial times.
Contact your lender early to know if you qualify for one of the foreclosure alternatives.
6. Sell Your Home
If you have done everything and you cannot keep your home, you can give your home to your lender or sell it before the foreclosure sale.
If you have enough equity in your home, you can sell your home and avoid foreclosure. It is much better to work with a real estate agent since your agent can help you harvest as much equity as possible.
7. Loan Modification
As mentioned above, lenders do not want to repossess homes. So, they are willing to modify original loan terms to ensure their borrowers can afford their mortgage payments.
If your income reduces, you can contact your lender to check if you qualify for a loan modification. Loan modification can help you keep your home.
These are the best ways to avoid foreclosure Knoxville. Avoiding foreclosure can help you keep your home. If you are facing foreclosure in Knoxville, we highly encourage you to contact Vol Homes to get the best specialists in solving real estate problems.
Our experts will ensure you know all the options available to you right now!