Westchase Foreclosures

Several years ago the housing market amassed a devastating blow so large the country is still reeling to recover. Owning a home is the cornerstone of the American dream, but sometimes unexpected issues arise making it difficult if not impossible to keep up with your mortgage payments. Foreclosure has faced millions of Americans, fortunately there are several options.

When a foreclosure notice has been sent from your lender, you only have a certain amount of time to respond. If you do not respond, you will be forced out of your home, and the house will go up for auction. Not responding gives the lender the upper hand and may result in the loss of your home.

Asking for a reinstatement is the simplest solution, but often the most difficult. If you are able to collect the amount of money you owe on missed payments and fees, you may be able to pay off the debt and have your foreclosure stopped and your mortgage “reinstated.”

If you are able to meet with your lender and can come up with an appropriate payment plan, the lender will stop the foreclosure process. Make sure you are able to perform exactly what you tell your lender you can do, or the process may start all over again.

Loan modifications are the most common solution to foreclosure. In the wake of the financial crisis, the Obama Administration pushed several bills forward aimed at making loan modifications and affordable options to foreclosure easier to obtain. With new government programs, modifying your loan to reflect your home’s current value can save you hundreds of dollars per month on your mortgage payments.

Sometimes your best option may be a short sale. In a short sale, you plead your economic hardship to your lender, and if granted can sell your home with the money going directly to your lender. Obviously in this scenario you will not be able to keep your home, but it is better than a foreclosure notice on your credit report. This way you can walk away from your debt, with less credit damage.

If you are a Westchase homeowner who has been served a foreclosure notice, please take action as soon as possible. Contact real estate and short sale expert Vicki Boss. Vicki has handled hundreds of foreclosures similar to yours. A consultation is free of charge and will set you up with an attorney so you can receive the legal advice you need before you begin to sort through all of your available options.