How to Avoid Foreclosure in Richmond

We aren’t the be all end all experts in real estate, but we absolutely believe this topic is going to become increasingly relevant as the months go on. Unfortunately, with unemployment at it’s highest levels in the past 10 years, inevitably this will impact the housing market. We don’t have a crystal ball, but we want to help, and that starts with knowing what to do with foreclosures. We will be doing a blog post series all about foreclosures, and hopefully this will help you or someone you know as you navigate this difficult situation.

Thankfully there are a number of things that you can do to avoid foreclosure in Richmond. It’s important to remember that moving quickly is absolutely paramount, and could save your credit rating and your home.

So lets dive in on a couple quick tips on possibly how to avoid foreclosure in Richmond with your home.

The Keys of How To Avoid Foreclosure in Richmond Don’t Abandon Ship

Many people simply give up and walk away from their home. There are even areas of Richmond or Petersburg that have begun to resemble ghost towns, as the economy has impacted residents significantly.

Detroit is a prime example of what can happen when people abandon their homes.

This can be stressful situation, but it’s extremely important to keep your wits about you. A foreclosure will have a huge negative impact on your credit score, and likely prevent you from purchasing a home for years to come. If you sell your home, you could leave a portion of the loan unpaid, and the lender could pursue legal action against your for the unpaid portion.

While it’s extremely stressful, you do have options:

Negotiate with your mortgage lender. Banks and other financial institutions are well aware that people of Richmond an other areas  are struggling. If you haven’t missed a payment yet, you may have some leverage to renegotiate the terms of your loan. Banks don’t like foreclosing on homes, and many will work with you if you aren’t too far behind. You may be offered forbearance, or even a full loan modification.

Ask for help from Uncle Sam. Over the last five years, the federal government has implemented a number of programs to help struggling homeowners. The Home Affordable Modification Program (HAMP) allows struggling homeowners to modify their loans, reducing monthly payments. The Home Affordable Refinance Program allows homeowners who are current on their mortgage payments refinance an adjustable rate mortgage into a low-interest, fixed rate loan. Both of these programs are subject to eligibility requirements.

We understand that the possibility of losing your home can be stressful. You aren’t alone. People all over Richmond are going through the same troubles. Foreclosure can have a lasting effect on your financial life, and it’s important to move quickly and take advantage of any options available. You could save both your credit rating and remain in your home.

We may be able to help you avoid foreclosure; connect with us today and lets discuss your situation. We don’t charge any fees, we’ll evaluate your situation, and present you your options so you can move forward and get this foreclosure behind you. We know that when people have the opportunity to maintain their home and their credit, they get to continue impacting their local economy and communities. This is a mission we can get behind! 

Give us a call anytime at (804) 215-4004 or
fill out the form on this website today! >>

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