Whichever the case, falling into arrears with your monthly mortgage payments can trigger the foreclosure of your home. The experience of a home being repossessed can have enormous consequences, both financially and emotionally.
Sometimes, stress and depression can accompany the loss of a house. Foreclosure can affect relationships, marriages, and even your credit score.
Many homeowners struggling with mortgage payments are often left believing they have few options. Luckily, that is not the case. Below are 3 easy steps to stopping foreclosure in Chattanooga, TN.
Step 1: Don’t Panic And Be Realistic About Your Financial Position
It’s important to remain level-headed if you want to avoid foreclosure. Obviously, you need to act quickly, but before you take any action, bear in mind that you need to be realistic about your finances.
Be honest with yourself to avoid delays. Besides, the earlier you accept your circumstances, the earlier you can take action.
Step 2: Reach Out To Your Lender
As soon as you miss making a mortgage payment, you fall into arrear. Your mortgage lender will initially reach out to you by letter or telephone, and if you fail to make the payment, they have a right to proceed with the foreclosure proceedings.
That’s precisely why you must respond to their letters, emails, phone calls, or notices of foreclosure promptly. Typically, you can get an affordable ‘payment arrangement’ with your lender.
However, should you wait for months without responding or contacting your creditor, your mortgage lender will likely take legal action and proceed with repossession.
Step 3: Consider Selling Your Home
If your financial position isn’t expected to improve any time soon, or if you’ve inherited a house with a mortgage and don’t want to pay two mortgages, selling your Chattanooga house fast may be the only way to avoid foreclosure.
Although this is not exactly an ideal solution, it is better to sell your home yourself because you will score a higher price than your mortgage lender at an auction.
An excellent option to sell your home is through a trusted we buy houses in Chattanooga company. The transaction can be closed in less than 21 days and your mortgage to be paid off, and foreclosure stopped.
At Vol Homes, we buy houses in Chattanooga fast so you can avoid foreclosure. Provided that you have equity in your Chattanooga home, cash received from the sale of your house can pay your mortgage and any arrears you have accrued.
The remainder is money in your pockets just for you. Call us to help stop foreclosure and clear your mortgage.