Just like we hope Punxsutawney Phil avoids his shadow on Groundhog Day, across the country, homeowners hope to avoid the long winter of foreclosure madness and finally see the light of spring.
For the past three years, the economy has forced more and more Portland homes into foreclosure. With layoffs, hiring freezes and pay cuts, owners’ once-secure Portland homes can be put into a precarious predicament. If you find yourself in a place where you can’t pay your mortgage, know that there are options other than just letting foreclosure take hold. Here are a few strategies for holding on to your house or getting the most from it
o Refinance your loan – Talk to your lender to find out if you can refinance your loan at a lower rate — your monthly mortgage payments could become much more manageable. If you need a referal I can help.
o Sell the property – While your home might not have appreciated as much as you’d hoped, at least you’ll get your finances under control and reduce your stress.
o File for bankruptcy – You can halt an imminent foreclosure by filing for bankruptcy. An automatic stay will be granted, and while this doesn’t guarantee that homes are safe, it does give owners precious time.
o Discuss a deed in lieu of foreclosure – Make a trade with your bank — it gets the deed to your property if you’re absolved of all debt owed on the home. This is especially advantageous if you owe more than what your house is worth.
o Ask for forbearance – If your lender agrees to forbearance, they are giving you a grace period to catch up on all your bills without threatening foreclosure.
If you receive a notice of default, don’t immediately give up! There’s still time for you to get your finances under control or at least reclaim some of your equity.
Hopefully, spring will bring brighter prospects for Portland and surrounding area homes.
If you need to sell your home, I can help. Give me a call today at 503-686-5375 or email me at email@example.com for more information.
Keyword/Tag: Portland, Lake Oswego homes
Deed in Lieu of Foreclosure