For homeowners who want to stop foreclosure in Massachusetts, the future can look pretty grim. In our latest post, we offer 6 ways homeowners can stop foreclosure of their homes in the Lowell area. Please understand, this is NOT legal advice in any way. If you want to takes steps to stop a foreclosure on your house, you should seek out competent legal advice.
Has it become difficult to pay your mortgage each month? Are the bills piling up, with no end in sight? At some point, before the bank comes in and takes your home, you need to find a way out. Keep reading to learn more about what you can do and how Summit Buys Houses can help you stop the foreclosure of your house in Lowell.
Sell Your House Immediately
In order to stop foreclosure of your house in Massachusetts, a direct and fast sale is often the best way to go. Summit Buys Houses is a professional buyer in Lowell that will help you sell your house fast, stopping the banks and avoiding the destruction of your credit. Please beware, not all “We Buy Houses” companies are the same! Summit Buys Houses is dedicated to helping homeowners in difficult situations, providing fair solutions that make sense for all parties involved. While you may not receive the retail price, you will be able to sell in just a few days saving you thousands on commissions, repairs, and holding costs. Giving up your home can feel difficult, but it is better to sell by choice than to have the bank come in and forcefully take over the property.
You Can Borrow Additional Money
For some homeowners, borrowing money from a family member can be a quick solution to stop the bank. However, this isn’t a longterm solution to your financial struggles. If the mortgage has become difficult to pay now, it’s likely that it will be difficult to pay going forward. Getting into a pattern of continuously borrowing money will only get you into more debt, but this time it will be with multiple creditors. Borrowing money from loved ones can also strain your relationships with the people that you care about, making your difficult situation feel that much worse.
Ask For A Loan Modification
One option when you are struggling to make your mortgage payments is to reach out to your lender and explain the situation. In some cases, you will be able to defer a payment or work out a payment plan to make up what you owe. That said, you will still have to find a way to pay your debts. Deferring the problem will only push things back, it won’t magically get you caught up or erase the debt you are in. Asking for forgiveness is a one-time thing, to help deal with an unexpected situation… not something to bail you out long term. Loan forgiveness is also known as loan forbearance and is used after an illness, a loss, or anther one-off circumstance.
You May Be Able To Refinance
Refinancing your property can help you to achieve a lower monthly payment, but there is a cost. If you choose to refinance with a hard money loan, your interest rates can be through the roof. While this may help you to save your house from the bank, it will ultimately cost you more money in the long run. You can also work with your current lender to refinance your current loan, however, you need to prove you will not have trouble with your payments going forward.
Rent The Property To Someone Else
If you aren’t able to pay the mortgage yourself, maybe someone else can. Of course, This means that you will need to quickly find somewhere else to live at a price you can more easily afford. You’ll first need to find high-quality tenants who you can count on to pay the rent each month. If your situation allows, you could also choose to rent out a bedroom in your home for some extra cash, while you continue to live in the home as well. Just make sure boundaries are set on both sides so that everyone is comfortable with the living arrangements. Having the wrong people move in can cause you to default on your mortgage anyway, ending up with the same result of losing your Lowell house to foreclosure.
Nobody is thrilled about having to declare bankruptcy, but it order to fight off foreclosure, it may be the answer you have been waiting for. Declaring bankruptcy will restructure your debt and create a payment plan to get you back on track. While this won’t look good when applying for loans in the future, it can be a way for you to keep your current home, stopping the banks in their tracks.
At Summit Buys Houses, we want to help you stop the foreclosure of your Lowell property. Our team can help you review your options and make you a no-obligation offer to help you sell quickly. Let our team help you quickly and efficiently handle any difficult property or situation you are dealing with.
Ready to resolve the financial strain you are under, avoid all of the headaches and costs of listing your home, and be assured of a sale, in a very short amount of time? Maybe the best thing you can do if you can’t make mortgage payments in Lowell is to sell it to Summit Buys Houses directly! We’ll give you helpful advice and a written offer—and there is NEVER any high pressure sales from us. There is no obligation to accept our offer either. Isn’t it worth learning more about how we can help you by sending us a message or giving us a call at (978) 254-3800 today?