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How to Stop Foreclosure and Save Your Credit Score

Foreclosure is overwhelming and stressful. However, there are instances where people can manage their financial crisis and avoid or stop a foreclosure. If you are a homeowner and worried about defaulting on mortgage payments, here are some ways to deal with the situation.


1. Opt for a Short Sale


A short sale is a procedure where the homeowner sells the house for less than the mortgage amount, and the lender agreed to this arrangement. Usually, banks approve a short sale because foreclosures can be time-consuming and wrought in legal complications. Besides, it makes no sense to own a house that will be difficult to sell. They'd rather sell the property and recoup as much of the mortgage as they can. People prefer a short sale because it helps close the loan account. You may have to file a hardship letter stating the reasons for defaulting on the mortgage, along with filing records, including pay stubs, tax returns, and other documentation. The bank then reviews your request and sends an appraiser to estimate the property's full value to decide if they should accept or refuse your request.


It helps protect your credit and saves you the headache of going through a foreclosure. But a short sale isn't always beneficial. The bank may still choose to file a deficiency judgment after a short sale to recover the remainder of the loan.


2. Mortgage Forbearance


A mortgage forbearance agreement is designed to help homeowners manage a temporary crisis, like the current economic downturn caused by the pandemic. Homeowners can pause payments temporarily, thereby avoid foreclosure. For the bank to approve such a request, you have to make a formal request along with proof of hardship. But in the case of the current crisis, proof of hardship isn't necessary. A verbal or written verification is sufficient for most lenders.


Forbearance options differ depending on whether you have a government-supported or privately-owned mortgage. Similarly, repayment options will also vary depending on your lender. Government-backed mortgages are covered under the CARES Act and allowed mortgage forbearance up to one year. Although private-owned mortgages aren't covered under the CARES Act, several lenders offer forbearance agreements and loan modifications to borrowers. But this is a temporary relief and subject to the lender's approval. If your financial situation is unlikely to be resolved in a year, it's best to look for other options.


3. Sell to a Cash Home Buyer


Cash home buyers in Nashville offer to buy homes for cash in any condition and location. If you have been served a foreclosure notice or are defaulting on mortgage payments, call them to sell your house as-is and manage the crisis on your behalf. You don't have to hire a realtor, pay commission, or arrange for repairs and renovation. The real estate company can buy any house and can sometimes close in less than a week. If you are in a hurry to sell, call us and ask, can I sell my house in Nashville?


Author Bio:


The author writes about the real estate market in Nashville. He helps homeowners find cash home buyers in Nashville who can buy the house for cash and close quickly.

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