Approximately 25,662 homeowners lost their homes to foreclosure in 2021. Losing a home is frustrating, sad, and overwhelming, yet it can happen to anyone if they fall behind on their mortgage payments.
However, lenders can’t instantly foreclosure on a home after the borrower misses a payment. Instead, the process takes time. So if you’re facing foreclosure, you might wonder about your options.
Fortunately, you can learn your options and have someone to help you navigate this process. But, who should you hire for help? The best person to hire is a foreclosure specialist.
Continue reading to learn what a foreclosure specialist is and how their services can benefit you.
They Review Your Situation
If you’re having foreclosure troubles, you might be interested in having a specialist review your situation. Foreclosure specialists are experts in foreclosure law and begin by evaluating a person’s situation.
When a specialist receives your case, they’ll look at several things. First, they’ll want to see how far behind you are on the payments. Next, they’ll compare the home’s value to the mortgage balance.
Additionally, they’ll look at your credit and financial situation. They might also look at the steps the lender has taken for the foreclosure process. All these factors lead the specialist to offer the best advice for your situation.
A Foreclosure Specialist Might Help You Stop the Foreclosure
The specialist might determine that you have options for stopping the foreclosure process if you want to keep your home.
For example, they might suggest using a loan modification to prevent the foreclosure if you have great credit and enough income. A loan modification lets you keep your house but gives you new loan terms.
Another option is to refinance your home loan. Of course, you’ll also need good credit to use this option.
Refinancing also changes the terms of your loan. This option is also ideal for people who need a way out of a foreclosure.
They Can Assist With Alternative Sale Options
Finally, the specialist can help you determine alternative ways to sell your house.
Selling your house through a short sale, for example, can help you avoid having a foreclosure on your credit report. A short sale requires your lender’s permission but is a great option for many people who face foreclosure.
Another option is to use a deal that involves cash for the foreclosure. In other words, you look for a cash buyer to purchase your home. The investor pays cash, and you walk away with a home sale instead of a foreclosure.
If you can sell your house instead of letting the foreclosure go through, your credit won’t suffer as much.
Talk to a Specialist to Learn More About Your Options
Speaking with a foreclosure specialist is the best way to learn more about your options if you’re facing foreclosure.
If you ignore the foreclosure documents and do nothing to stop it, the lender will proceed with it. The result will be losing your home.
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