Stop My Foreclosure Thornton
Are you like “how do I stop my foreclosure Thornton” and still nothing comes up? Well, you have come to the right place – a place where you’ll find solutions to all your real estate problems.
At Denver Property Flip, we are three in one – a real estate investment company, a licensed contractor and a real estate agency as well. Even though we buy houses for cash and help distressed homeowners stop foreclosure in Thornton, we are not here to push you into selling your house to us. Unlike other house buying companies, we want you to end up with the best solution to the bothering question of “how will I stop my foreclosure Thornton?”
If you are in financial distress and your lender has served you with a notice of intent of foreclosure, there are several methods you can use to avoid foreclosure. While some of them might require that you part with some money, others only need you to come to an agreement with your lender. Still, you might also need the courts in order to pursue other methods of stopping foreclosure.
The first thing you need to do whenever you are facing foreclosure is to stay calm. Many people end up panicking and thus making rush decisions they end up regretting later on. You can turn to cash sources such as savings or even disability and unemployment insurance to help you stop foreclosure. If there’s too much spending on the house budget or maybe you have several expensive cars, work on them and see how you can get some more money to handle the monthly payments. There’s also the option to turn to retirement funds, if available.
If you have a feeling that you might be late on mortgage payments, better try reaching out to your lender over the same. In this way, you and the lender can work out on something that should prevent the latter from serving you with a foreclosure notice.
Once you contact your mortgage lender, there are several options the two of you can check out. Typically, lenders are not supposed to modify loan arrangements, however, many would be willing to do so if it helps them get their money from you.
If you are going through a temporary or even permanent financial distress, the option to modify loan terms can be pursued. The lender can reduce the interest rate charged on the loan and thus prolong the original terms, a move that should ease the burden for the distressed homeowner. This reduction or rather change of terms can be permanent in certain situations, but other lenders may prefer to make them temporary until such a time the homeowner is in a better financial position.
Another option is to arrange for a repayment plan. Here, your lender will add a portion of the overdue money to your regular monthly mortgage payments, but this will only commence once you are back in position to make the usual payments. For instance, if your monthly payment is $2000, a repayment plan may require an extra $200 per month until the owed money is repaid.
For those whose loans are backed by the Department of Veterans Affairs, you can seek VA Refunding. The VA may buy out the loan from your lender and assume the servicing. According to the VA, you may qualify for a refunding if you have the ability to make mortgage payments yet your lender won’t extend forbearance or repayment plan. If your loan is financed by the Federal Housing Administration, you may reach out to an HUD-approved housing agency for more advice and counseling on the next move.
There’s also re-amortization, where the total amount you owe from missing several months will be added to the loan balance. Since the overall amount you owe has increased, the lender may decide to lengthen the loan terms or future payments may be larger than before.
Still no reasonable solution to the question of “how do I stop my foreclosure” from the above options? Well, you can as well sell the house and if you make good money, you can pay what you owe and use the remaining amount to start a new life. If this is the case, don’t hesitate to call Denver Property Flip on (720) 370-9595. We buy houses for cash and pay after just 5 days regardless of their physical state.