Walking away from your
home voluntarily, may seem like the best solution when your home is valued
lower than what you owe. However, this action may lead to financial
consequences in the future. In some states, you may be required to pay a
portion of your mortgage debt even after the home has entered foreclosure.
Also, the impact to your credit may make it difficult to rent or purchase a
home in the future. It may be best to explore other options to foreclosure with
your mortgage company before making a decision to leave your home.
Keep in mind, your
mortgage company doesn’t want to foreclose on your home. Just like there are
consequences for you, the foreclosure process is time-consuming and expensive
for them. They want to work with you to resolve the situation. However, some
homeowners simply don’t take advantage of the help available and foreclosure
becomes the only option.
There are better options. The most important thing is to avoid foreclosure—and options may be available to assist you if you are ready to leave your home. Some options may even offer cash incentives to help you move and transition into different housing. Now's the time to take action before it's too late. Even if you haven't yet missed a mortgage payment, but are worried you might fall behind soon, now's the time to take action. You may be eligible to refinance or modify your mortgage loan
, lowering your payment and making it more affordable. Or, if you've missed payments and find yourself buried under late fees and past-due amounts, you may qualify for a temporary (or permanent) solution to help you get your finances back on track and avoid foreclosure.
Contact us at (973)-378-3030 and a dedicated agent will explain more about how to avoid forclosure and help you submit the necessary request form. We want to help you stay in your home, if possible.