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Lakeway Area TN Real Estate For Sale-Honesty Helps When Avoiding Foreclosure

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Updated on Jun 25, 2013

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The prospect of foreclosure can be terrifying, and losing your home can be a painful experience. No one enters into a mortgage with the idea that they will have to surrender the home, but unforeseen changes can leave you facing foreclosure. Job loss, medical bills, divorce or other unexpected life changes can make it a challenge to make your mortgage payments. Although it’s tempting to ignore such a painful scenario, the best plan of action is to face the difficulty head on.
Be up-front with your lender about your situation. Your lender wants the same thing you do: for you to keep your house and continue paying your mortgage. If your situation is temporary, explain that to the lender.
Once you begin to fall behind, late charges will be assessed on your payments. The mortgage servicer may reach out to find out if you are planning to make good on the payment. You will be given a set amount of time to pay the delinquent amount. If you cannot make the payment all at once, you can talk to your lender about paying in installments.
You may be able to do a loan modification so that your monthly bill is reduced. The mortgage servicer can lower the interest rate, lengthen the time of the amortization of the loan, or add the delinquent amount back into the loan so that you will be able to make your payment schedule.
If you know you won’t be able to afford the home long-term, it may be time to consider a short sale. In a short sale, you sell the house for less than what you owe. Your lender must approve the sale of the home for the price and can advise you on whether you will owe any additional money.
If you start to fall into trouble, the most important thing is to face your situation honestly. If you don’t think you can make your payments in the long term, think about other strategies and pursue them with your lender. Your lender will be able to advise you on the best path for your individual circumstances.

Margie Wright with EXIT Triple "E" Realty provides services for Lakeway Area TN Homes For Sale and Lakeway Area TN Real Estate For Sale to homebuyers and home sellers in Morristown, Russellville, Talbott, Jefferson City, Dandridge, Bean Station and surrounding areas.

Each EXIT office is independently owned and operated
Licensed in TN
Equal Housing Opportunity

Deidre Woolard contributed to this post.
goodideazs, LLC is not affiliated with the authors of this post nor is it responsible for its content, the accuracy and authenticity of which should be independently verified.

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