Super Fitness Health BlogAvoiding foreclosure on Portland Oregon real estate
Going through difficulty payingyourmortgage payment? You are very likely concerned about being able to stay in your home and avoiding the low credit score that comes as a result of letting the house go back to the bank. The fact is, letting the bank repossess a home should be a last resort, and usually can be avoided if act quickly. Below are strategies for avoiding foreclosure on your Portland real estate that will help you in sidestepping the mistakes many others in your situation have made.
1. Forget your emotions
Think clearly about your options and try not to let your emotions dictate your actions. When your emotions say to avoid thinking about the problem and miss a loan payment without taking action, stop, sit down, and force yourself to learn what your options are.
2. Don’t be an avoider
No one enjoys financial duress and it’s typical to want to avoid the underlying issues, but don’t do that. Being an avoider doesn’t make a bank repossession less likely, but more likely. In fact, the sooner you take action when you have the feeling you’re not going to be able to afford the house payment for very long, the better your outcome can be.
3. Contact your creditor and ask for a workout
If you are behind on your house payment, it may be possible to get a workout from the bank. A loan that has been modified can be a temporary or permanent re-negotiation of your mortgage, sometimes even changing the amount of loan balance owed. It is definitely worth pursuing with your bank.
4. Think about a short sale
A short sale is simply the sale of house for less than the amount owed on the loan. In most states, there is always the possibility the bank can ask youlater for the amount they lost on the deal, but that is actually very rare. You can even negotiatehow the bank reports the transaction to credit reporting agencies so it’s not as bad for your financial future.
In summary, don’t let your situation get too far along if you are behind on your mortgage payment, whether that is on your home in Portland or your summer getaway home such as Orlando real estate or Albuquerque real estate.
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