Avoid Foreclosure Westminster: 4 Things You Need to Know

If you are a homeowner, the best thing is to always ensure that you never have to deal with finding strategies to avoid foreclosure Westminster.

This is the worst thing that any homeowner can ever go through, especially after putting a lot of work and money into securing the home. Despite all, this day sometimes comes and we have to deal with it to ensure that the lender doesn’t lock out of the house and probably sell it on our watch.

Of course, nobody wants to be thrown out of their own house and as such, everyone is afraid of foreclosure and all that is associated with it. If you happen to have delayed paying your mortgage and your lender has served you with a foreclosure notice, you don’t need to fear. In fact, the best thing you need to do is become informed about what exactly foreclosure is, your rights as well as the options you have in case you want to avoid foreclosure Westminster.

In this regard, this article gives you the 4 things you need to know about foreclosure before even thinking about how to avoid it.

Don’t wait for the foreclosure notice before contacting the homeowner

As noted earlier, delayed mortgage payments will be the first thing to throw your home into foreclosure. Once you notice that you are likely to miss making the required monthly payments, don’t hesitate, instead, reach out to your lender and talk to them about it in advance as you work out on a solution.

The worst thing to do is keep quiet and, well, do nothing. This is what will prompt your lender into commencing the foreclosure process, but if they hear from you about the same, they can only kick off the process once you fail to meet your promise as agreed. Note that you can still get in touch with your lender even if they have served you with a notice of intent to foreclosure.

You can become a homeowner soon after foreclosure

If your fight to avoid foreclosure in Westminster ends up becoming futile, the first thing to know is that it’s not the end of the world. If you chose to avoid foreclosure via a short sale, for instance, the Federal National Mortgage Association (FNMA) or rather Fannie Mae or even Freddie Mac will be ready to back you to secure another mortgage in just two years after the foreclosure. You can also get a mortgage insured by the Federal Housing Administration (FHA), but this one will have to wait a little longer after three years, which is still not bad at all.

It’s true that foreclosures can leave you with a damaged reputation on your credit report, but if you work diligently to restore your reputation, your chances as a previous homeowner to get a new mortgage are very high.

The effect of foreclosure on your credit report

As you may have noticed all throughout the article, one thing that makes homeowners do everything to avoid foreclosure Westminster is so as to avoid such a thing on their credit report. Some people think that since a foreclosure can remain on your credit report for as many as 10 years, they will be penalized all throughout until it disappears, however, this is not always the case. When you behave positively as a consumer, you will begin to tip the scales in your favor, thus meaning that your foreclosure will continually have a lesser impact on your credit record as time flies.

Depending on how reliable you can pay back what you owe, lenders will start getting a different perspective of you, thus allowing you to get new loans.

You can use a Deep in Lieu to avoid foreclosure in Westminster

Some lenders will offer you a Deed in Lieu of foreclosure. This is where you forfeit the deed to the lender and thus the latter stops the foreclosure process as well as absolves any liability you have towards the home. This should help you keep a clean credit record with your lenders, but it also leaves you with nothing.

To avoid foreclosure Westminster in a much better way, you’d rather sell the house to cash buyers like Denver Property Flip. This is a local investor that buys all houses in and around Denver regardless of the condition. Once you submit your request, an all-cash offer will be ready within 24 hours and 5 days later, you’ll be smiling your way to the bank.

Call us now on (720) 370-9595.