Many people in Metro Detroit] are still struggling to make their mortgage payments even though the housing market is rebounding.
You might be afraid your mortgage provider will foreclose on you if you’re underwater on your home.
In Metro Detroit, there are a number of things you can do to avoid foreclosure. Moving quickly is paramount, and could save your credit rating and your home.
Let’s look at some quick tips on how to avoid foreclosure in Metro Detroit.
Don’t Abandon Ship: How To Avoid Foreclosure in Metro Detroit
As the economy has affected residents significantly, some areas of Metro Detroit have resembled ghost towns.
Detroit is a prime example of what can happen when people abandon their homes.
If you have to go through a foreclosure, it’s extremely important to stay calm. A foreclosure will hurt your credit, and prevent you from buying a house for years to come. The lender could sue you if you leave a portion of the loan unpaid if you sell your house.
It’s stressful, but you have options:
If you haven’t missed a payment yet, you might be able to renegotiate the terms of your mortgage loan. Banks and other financial institutions know that citizens of Metro Detroit are struggling. Most banks don’t like to foreclose on homes, so they will work with you if you aren’t too far behind. They may offer you forbearance, or even a modification.
The federal government has implemented a bunch of programs in the last five years to help struggling homeowners. You can get your monthly payments lowered with the Home Affordable Modification Program (HAMP). If you’re current on your mortgage payments, you can refinance your adjustable rate mortgage into a fixed rate loan with the Home Affordable Refinance Program. There are eligibility requirements for both of these programs.
If you’re facing the threat of losing your home, you’re not alone. Citizens all over Metro Detroit are going through similar situations. You can save your credit rating and remain in your home if you act quickly and take advantage of any options available to you. Foreclosure can have a lasting impact on your financial life.
Let’s talk about your situation. We don’t charge any fees… we’ll evaluate your situation and present you with your options so you can move forward.