Homes are expensive, that’s for sure! Recent statistics show that the median home value in the United States is roughly $225,000. Considering that most Americans aren’t even able to save up for retirement, asking them to afford the outright purchase of a typical, modest American house is an unreasonable request to ask. Since they’re so expensive, most homeowners get help buying homes with mortgages, or secured loans. Not paying your mortgage means the lender will legally force you out of your home, keep all of the money you’ve paid on the mortgage, and leave you completely out of luck. The process of repossessing these homes is known as foreclosure. Here’s how to deal with it the right way and slow or stop it in its tracks.
Don’t Skip Out on Maintaining Regular Contact With Your Home’s Lender
Even if you’re stone-cold confident that your lender isn’t happy with you because you’re behind on your home mortgage payments, never give up regular communication with its representatives. Simply showing that you’re willing to make things right even when things go bad goes a long way when it comes to trying to stop foreclosure in LA.
Seek Out Government Program Assistance
The U.S. federal government and either all or most of the states fund and operate programs that help to stop foreclosure in LA. One of these programs is the Home Affordable Foreclosures Alternatives Program, or the HAFA Program. Seek it out immediately if you’re having mortgage issues.
Sell Other Assets, If You Have to
Although selling assets to pay bills is an unsustainable strategy for meeting expenses like mortgage payments, doing it just one time can get you out of a bind when faced with a foreclosure. If you have other assets that you value less than your home, consider selling them to get right with your mortgage lender and see if it will work out an altered payment plan with lessened expectations.
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