How to Avoid Foreclosure in El Paso

Although the property market seems to be rebounding, a lot of El Paso residents continue to struggle with their mortgages.

If you’re having difficulty staying on top of your mortgage payments each month, you may be worried that foreclosure is on the horizon.

Fortunately, there are several things that can be done to steer clear of foreclosure. Taking action quickly will be of paramount importance. Prompt action could preserve your overall credit rating, in addition to helping you hold onto your house.

The following article will provide you with several suggestions that can help you avoid foreclosure.

Don’t Jump Ship – Avoid Foreclosure

Some people are willing to part ways with their home without putting up a fight. You’ll find many El Paso areas looking like ghost towns. These places are reflections of the way residents have been impacted by the economy.

As stressful as the situation is, it is important for you to stay on top of things. Foreclosures can negatively impact your existing credit score, preventing you from buying a property in the future. By selling your home, some of your loan will be left unpaid. Legal action could be taken by lenders for unpaid portions.

When times are tough, a couple of options are at your disposal:

Negotiate with the mortgage lender – financial institutions understand that El Paso citizens are struggling. You’ll have a little bit of leverage to potentially renegotiate your mortgage’s terms if a payment has yet to be missed. Banks would prefer not to foreclose on a home. They would rather work alongside you, but only if you haven’t fallen excessively far behind on your payment obligations. Forbearance might be offered, if not a complete loan modification.

Request government assistance – over the past five years, our federal government implemented several programs to aid struggling property owners. For instance, the HAMP (Home Affordable Modification Program) helps struggling homeowners alter their loans by reducing their payments each month. The HARP (Home Affordable Refinance Program) lets homeowners that are on time with their loan payments refinance adjustable-rate mortgages into a fixed rate, low-interest loan. Each program is subject to qualification requirements, though.

The threat of potentially losing the place you call home is nothing to scoff at. Fortunately, you are not alone. Residents of El Paso have been through similar troubles. A foreclosure tends to leave a lasting impression on your finances. It is prudent to move fast and capitalize on the options available to you. By doing so, you’ll be able to remain at home and maintain your existing credit rating.

We might have the ability to prevent you from foreclosure. Speak to us about your circumstances. There are no fees for this consultation. We will assess your situation, then present options suitable for you that can help.

Give us a call anytime at (915) 228-3314 or
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