It’s a tough time when you really want to save yourself from foreclosure but there is barely any option. At times, paying EMI or repaying a loan can be unmanageable. That's when people ask how to avoid foreclosure and keep your home. My friend was in a similar situation and he did a few things to avoid foreclosure. I am going to share them with you.
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The first step is to apply for loan modification. You can try to talk it out with your lender and ask them to modify your repayment plan to make EMI more affordable. But you’ll have to do it well in time and not just before the foreclosure.
Next, you can ask for forbearance. If your lender agrees, you can pause mortgage repayment for the time period that you both agree upon and restart payments when you get back on your feet.
Finally, if you have no other options left and you are still figuring out how can I save my home from foreclosure. Well then you don’t seem to have many choices. You can ask the lender if they will accept the proceedings from the short sale of your property. If they do, you can proceed with the sale process.
It is a difficult time and I have seen my friend run from poles to pillars figuring out how to save my home from foreclosure but there are limited options.
I hope one of them works for you. Good luck :)
Read more:
What is foreclosure
What is foreclosure charges
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How can I save my home from foreclosure?
Hitesh
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3 Year
2022-05-12T10:54:18+00:00 2022-05-12T10:54:18+00:00Comment
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