wilmington nc real estateIf you’re experiencing financial hard times and have missed a payment or two on your home, it doesn’t mean you’re headed to foreclosure—yet.

If you’re at the end of your financial rope, it’s time to take these steps, immediately, to rescue your home—and your credit:

1. Contact your lender. Lenders may allow a forebearance (reducing or suspending payments for a short period) and/or a reinstatement (accepting the total overdue amount owed in a lump sum). Make sure you clearly understand the repayment plan and adhere to it.

2. Request a modified mortgage plan. The term or interest rate may be permanently changed on your loan and/or past-due payments added to the mortgage balance.

3. Interest-free or low-interest loans. Investigate the availability of loans from the U.S. Department of Housing and Urban Development or your loan insurance company to bring payments up to date.

4. Sell. Go ahead and get out of the home before it’s repossessed. Better to dump the mortgage and rent than to ruin your future credit.

5. Deed in lieu of foreclosure. As a last resort, give the property back to the lender. This move can only be made if none of the above work for you.

Let us know what we can do to help.  For more information please visit www.cbbaker.com and look in the seller section.  kaybakerassociates@ec.rr.com