While the housing market is heating up, many people in Bakersfield California are still finding it difficult to make their mortgage payments.
If you’re underwater on your home or having trouble keeping up with your monthly mortgage payments, you could be fearful that your mortgage provider is going to foreclose.
Thankfully, there are a number of things that you can do to avoid foreclosure in Bakersfield. It’s important to remember that speed is absolutely crucial and could save your credit rating and ultimately, your home.
So let’s jump into a couple of quick tips on possibly how to avoid foreclosure in Bakersfield with your home.
The Keys of How To Avoid Foreclosure in Bakersfield Don’t Jump Ship
Many people simply give up and walk away from their houses. There are even areas of Bakersfield that have begun to resemble ghost towns, as the economy has impacted residents significantly.
Detroit is a prime example of what can happen when people abandon their homes. A once beautiful city, bustling with excitement and boasting of promise, now deters many away with its eeriness.
This can be a stressful situation, but it’s so important to keep your wits about you and stay calm. A foreclosure will have a terribly negative impact on your credit score, and likely inhibit, if not completely prevent you from purchasing a home for several years in the future. If you sell your house, you could leave some of the loan unpaid, and the lender can still pursue legal action against you for that unpaid amount.
While it can be extremely stressful, you do have options:
• Negotiate with your mortgage lender. Banks and other financial institutions are well aware that residents of Bakersfield are struggling. If you haven’t missed a payment yet, you may still have some leverage to renegotiate the terms of your loan. Banks do not like foreclosing on homes, as it typically means a loss of money and time for them. This is why many will work with you if you aren’t too far behind yet. You may be offered forbearance or even a full loan modification. Call and speak with your mortgage lender as soon as possible to see if this is an option available to you!
• Ask for help from Uncle Sam. Over the last few years, the federal government has put in place several 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.
We know how stressful it can be to think about potentially losing the home you love and cherish. However, you are certainly not alone in this. Homeowners all over Bakersfield are dealing with the same problem. Foreclosure can have a long and lasting effect on your finances, and it is so important to take action quickly and seek out all available options. You might still be able to save both your credit rating, as well as your precious home.
We may be able to help you avoid foreclosure… please reach out to us today and let’s 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. You don’t have to face this crisis alone, let us help you through this difficult time and we can work through this together!