A Simple Guide on How to Stop Foreclosure in Memphis
The housing market may be rebounding on the national level, but many people in Memphis are having a hard time to make their house mortgage payments on time monthly. If you’re one of the numerous people underwater on mortgage payments and having a hard time to keep up with monthly housing expenses, you may be living in fear of a foreclosure. So how to stop foreclosure in Memphis?
Luckily, there are steps you can take to help prevent foreclosure and put you in a much healthier financial situation with a better credit rating. Instead of sticking around on pins and needles hoping something will improve, you must realize that the house you are living in simply isn’t within your budget as it stands at this moment.
Sometimes, when wondering how to stop foreclosure in Memphis it’s best to start with what you shouldn’t do…
Here’s what NOT to do if you want to stop foreclosure in Memphis
- Do not abandon your house. Many Rust Belt cities are an unfortunate yet excellent illustration of what can happen to a city when individuals simply start walking away from their houses.
- Do not sell your home. Selling when you lag on payments will more than likely mean you’ll leave a part of your mortgage unpaid, which means the creditor will most certainly pursue legal action against you.
- Do not let it to foreclose. If you have a foreclosure on your record, you will not be able to buy a house or get any kind of loan for several years to come. And also you might strain to find a home to rent or even a job because of a low credit score.
Ok, now that that’s out of the way, it’s now time to discuss how to stop foreclosure in Memphis…
Here are your choices if you want to stop foreclosure in Memphis
- First, always try to negotiate with your lender. Banks know that people are struggling in Memphis and all across the country. If you have not yet missed a payment, you will have some leverage in renegotiating the loan conditions that can help lower your monthly payment. In contrast to what you may think, financial institutions do not like foreclosures, and your bank is likely to work with you if you aren’t too far behind yet.
- Secondly, think about asking for government assistance. A variety of programs have been added since the housing market crash of 2008 to aid struggling home owners like you. You may be able to tweak your loan and reduce the monthly payment through HAMP, or the Home Affordable Refinance Program to refinance to a lower-interest, fixed-rate loan.
After you have considered your possibilities, it’s time to take a step forward and start working towards making your home loan serve you. There are ways to stop foreclosure on your Memphis house — or at least lessen the damage it could do to your life.
Moses Buys Houses realizes that potentially losing your Memphis house is a very upsetting idea, but you are far from alone. Many people in Memphis are facing the exact same challenge. The remedy is to realize the foreclosure should be the very, very last resort due to the consequence it will have on your financial record. So, instead of suffering the repercussions, keep in mind the above options and get the support you need to stay in your house and lessen your financial burden.