During these last couple of years, the housing market has been just about doing back flips. We are living in “unprecedented times” in so many ways. We were warned that an eviction moratorium would cause a record high number of foreclosures after it was lifted.
People are indeed struggling to pay their mortgages and are overcoming those issues by looking into how to avoid a foreclosure in Bristol. If you’re underwater on your home or finding yourself cutting it a little too close with bills every month, you could be fearful that your mortgage provider will eventually begin foreclosure proceedings.
Thankfully, there are several ways you can work to avoid foreclosure in Connecticut.
Don’t Stress – There’s Options if You Seek Them Out!
Unfortunately, foreclosure is sometimes synonymous with endless stress and unreasonable timelines. This does not have to be the case!! Let me repeat, you have options if you seek them out!
There was once a time where it was the norm to just abandon your property if a foreclosure notice showed up in the mail. That is no longer the best option. A foreclosure can have a negative impact on your credit and even bar you from purchasing another home for years. If you think you need to figure out how to avoid a foreclosure in Bristol, then the first thing you need to do is communicate. Asking for help and letting those you work with know you’re struggling will be the only way to work out a positive ending.
While this might seem overwhelming, there are tips and ways to work through a foreclosure and even avoid one altogether.
You do have options on how to avoid foreclosure in Bristol:
• Negotiate! Banks and mortgage companies are very aware of the financial struggles we are all dealing with here in Connecticut and across the country. Especially if you haven’t missed a payment yet, you still have some leverage when it comes to negotiating. Not that leverage is always necessary. Calling your mortgage provider is the first step in finding out your options! Negotiate for a forbearance, a loan modification or anything they’ll offer to keep your account in good standing. Even if you have missed payments, reaching out and putting on record that you are trying to find a reasonable solution will always look better in the long run and show that you’ve tried rather than ignored!
• Government Assistance is Available! Over the last few years, the federal government has implemented programs to help struggling homeowners and first-time home buyers. If you don’t want to fit into another program, you can always talk to a HUD approved counselor! These counselors can help explain the situation you are in and any options you may have, they are here to help educate us.
It is perfectly understandable when dealing with a possible foreclosure that you may experience stress and confusion. You aren’t alone. Homeowners all over Bristol are going through the same thing. It is important to keep good notes on all your communications around this situation and communicate as often as you can with all involved!
If you are looking for another simple solution, we may be able to help you avoid foreclosure … connect with us today and let’s discuss your situation. We don’t charge any fees … we’ll evaluate your situation and property and present you with some options we may be able to provide for you so you can move forward and put this foreclosure behind you.