A common alternative to a home foreclosure is doing a loan modification, essentially a repayment plan. Working out a loan modification with your lender will help you to avoid foreclosure and protect your credit. While most people facing foreclosure work to try to save their home, the bottom line is that they simply cannot afford it. Many are not in a financial position to refinance in UT for a reduced payment and establishing a repayment plan is difficult as the payment will be higher, in order to repay the default amount. This is where this type of program comes in.
Why Should You Get Pre-Approved Before Going House Hunting? There is no point in wasting your time by looking at homes you can’t afford. It will only make you upset in the long run. When viewing homes outside of your price range, you will get a feeling you can afford more house, and when you go to view homes within your price range, you’re going to feel let down. Once you see a great home and fall in love with it only to find out you can’t afford it, it’s a heartbreaking ordeal.
The lender and you both have great reasons to come to a mutually beneficial and agreeable solution to get the default caught up and the loan repayments back on track. There are other options to avoid foreclosure, refinance the loan, and sell the home depending on the situation. In order to accomplish the ultimate goal of protecting your most valuable asset, talking to the lender is the only way to avoid foreclosure.
There are down payment assistance programs like Neighborhood Gold or the Nehemiah program. These programs basically aid the seller in helping you with a down payment. Receiving a down payment from the seller of the property is illegal, but through these programs, it is legal. There are also other down payment assistance programs which are grants and do not need to be repaid or paid for by anyone. To find out about these, do a search on “down payment assistance” with your favorite search engine.
Loan modifications are time consuming and often have similar qualifications of a refinance or new mortgage loan. As long as you can prove a stable income and have recovered from the hardship, this may be your answer to saving your home from foreclosure. So consider a refinance in UT or wherever you own a home.
Learn more about home refinance in UT. Stop by Harry Kirkland’s site where you can find out all about refinance in UT and how it can help you.