While the housing market is still rebounding strong, many people in the Colonial Heights or Bay View neighborhoods in Norfolk are still struggling to make their mortgage payments.
If you’re behinds on payments on your home, or having trouble keeping up, you could be fearful that your mortgage provider is going to foreclose.
Thankfully, there are a number of options that you can explore to avoid foreclosure in Norfolk, if you live in areas such as in the Colonial Heights or Bay View neighborhoods. It’s important to remember that moving quickly is very important, and could save your credit rating and your home.
So lets dive in on a couple quick tips on possibly how to avoid foreclosure in Norfolk with your home.
The Keys of How To Avoid Foreclosure in Norfolk Don’t Abandon Ship
Many people simply would give up and just walk away from their home. There are even areas of Norfolk have begun to resemble ghost towns, as the economy has impacted residents significantly. Some areas around Downtown Norfolk are struggling.
Detroit is a prime example of what can happen when people abandon their homes.
This can be stressful situation, but it’s extremely important to keep your cool, ask questions and swiftly explore your options. A foreclosure will have a significant negative impact on your credit score, and likely prevent you from purchasing a home for years to come. If you sell your house, you could leave a portion of the loan unpaid, and the lender could pursue legal action against your for the unpaid portion.
While it’s extremely stressful, you do have options:
• Negotiate with your mortgage lender. Banks and other financial institutions are well aware that citizens of Norfolk are struggling, it does not matter if you live in the Colonial Heights, Downtown, Bay View, or other areas. If you haven’t missed a payment yet, you may have some room to renegotiate the terms of your loan. Banks don’t like foreclosing on homes, and many will work with you if you aren’t too far behind. You may be offered forbearance, or even a full loan modification.
• Ask for help from Uncle Sam, yes. Over the last five years, the federal government has implemented several different programs to help struggling homeowners. The Home Affordable Modification Program (HAMP) allows struggling homeowners to modify their loans, reducing monthly payments. The Home Affordable Refinance Program allows homeowners who are current on their mortgage payments refinance an adjustable rate mortgage into a low-interest, fixed rate loan. Both of these programs are subject to eligibility requirements.
• You have a VHDA loan and you are behind on payments? – you may qualify for Virginia Housing’s Loss Mitigation program. You can start by downloading the Borrower’s Assistance Package here:
https://www.vhda.com/Homeowners/BorrowerFinPackage/Pages/BorrowersFinPackage.aspx
Remember, acting quickly is important. You can also call 1-888-756-8603. (Español: 877-843-2123.).
We understand that the possibility of losing your home can be a very stressful experience. You are not alone in this. Citizens all over Norfolk are going through the same troubles. Foreclosure can have a lasting effect on your financial well-being, and it’s important to move fast and take advantage of any options available. You could save both your credit rating and remain in your home too.
We may be able to help you avoid foreclosure… connect with us today and lets discuss your situation. We don’t charge any fees… we’ll evaluate your situation… and present you your options so you can move forward and get this foreclosure behind you.