5 Tips Help You Avoid Foreclosure in 2022
Are you afraid of foreclosures?
Among 220 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in 2019 were Atlantic City, New Jersey (1.33 percent of housing units with a foreclosure filing); Trenton, New Jersey (0.91 percent); Jacksonville, Florida (0.85 percent); Rockford, Illinois (0.82 percent); and Lakeland, Florida (0.81 percent).
Rising debt and stagnant income led to widespread economic hardship as families struggled to make ends meet.
Homeowners across the nation have fought valiantly to avoid foreclosure in 2022, even if the fate of COVID-19 is still to be determined. If you’re going through a rough patch financially, why not explore the options available to help you stay in your home?
5 Tips to Help Avoid Foreclosure
Foreclosure can be a very difficult and stressful process. If you’re having some trouble, use these five tips to help you avoid foreclosure in 2022:
Pay On Time
Make your mortgage payments on time. This will help you avoid missed payments and late fees, which can add up quickly and lead to foreclosure.
Contact Your Lender
If you are having trouble making your mortgage payments, contact your lender immediately. They may be able to work with you to find a solution that works for both of you, such as extending the length of your loan, lowering your interest rate, changing the type of loan you have, or temporarily stopping the payments you make, AKA forbearance.
Keep Up with Your Bills
Keep up with other bills and expenses. If you are struggling to make ends meet, it will be difficult to keep up with your mortgage payments. Budget carefully and cut back on expenses wherever possible.
Keep Track Of The Latest
Stay informed by keeping tabs on the economy and housing market. If you see signs that foreclosures are on the rise, take action early to protect yourself.
Sell Your Home
If foreclosure is on the horizon or it’s already at your doorstep, one option is to sell your home through a short sale. This is when the lender agrees to let you sell your home for less than what you owe on the mortgage. This shouldn’t be your first choice, but it’s still an option. For more information on short sales and selling your home in general, click here.
If All Else Fails, Here Are Your Final Options
If your attempts to avoid foreclosure are failing, don’t drag out the issue. Think of rectifying it as early as possible before it gets out of hand. If you already know you’re in trouble, one option is to try contacting a professional. A foreclosure attorney can help you understand your rights and options, and assist you in the fight to keep your home. If all else fails, you can file for bankruptcy. This will give you a little more time to catch up on your mortgage payments and get additional sources of income to help with your payments.
Take a look at our blog for more housing and real estate tips.