How to Avoid Foreclosure in Greensboro NC – Simply Sold Property

While the housing market is strong, many people in Greensboro] are still struggling to make their mortgage payments. It is okay and a very common problem that many home owners face. Simply Sold has ways to work with you to avoid foreclosure in Greensboro! 

If you’re underwater on your home, or having trouble keeping up with your monthly mortgage payments, you could be fearful that your mortgage provider is going to foreclose.

Thankfully, there are a number of things that you can do to avoid foreclosure in Greensboro. It’s important to remember that moving quickly is absolutely paramount, and could save your credit rating and your home.

So lets dive in on a couple quick tips on possibly how to avoid foreclosure in Greensboro with your home.

The Keys of How To Avoid Foreclosure in Greensboro – Don’t Abandon Ship

Many people simply give up and walk away from their home. There are even areas of Greensboro have begun to resemble ghost towns, as the economy has impacted residents significantly.

Detroit is a prime example of what can happen when people abandon their homes.

This can be stressful situation, but it’s extremely important to keep your wits about you. A foreclosure will have very serious negative consequences that everyone should be aware of. To begin, you will take a huge hit (200 points)  on your credit score, and will prevent you from purchasing a home for up to 7 years in the future! In addition,  as far as the IRS is concerned, a foreclosure is treated as the sale of your house so there could be negative tax implications. If you sell your home, you could leave a portion of the loan unpaid, and the lender could pursue legal action against your for the unpaid portion.

Consequences of Foreclosure in Greensboro NC

  • Eviction from your home—you’ll lose your home and any equity that you may have established
  • Stress and uncertainty of not knowing exactly when you will have to leave your home
  • Damage to your credit—impacting your ability to get new housing, credit, and maybe even potential employment, for many years
  • May owe a deficiency balance after the foreclosure sale
  • Lose any relocation assistance or leasing opportunities that may be available with other options
  • Forfeit ability to get a Fannie Mae mortgage to purchase another home for at least 7 years (Fannie Mae guidelines)

While it’s extremely stressful, you do have options to avoid foreclosure in Greensboro:

Negotiate with your mortgage lender. Banks and other financial institutions are well aware that citizens of Greensboro are struggling. If you haven’t missed a payment yet, you may have some leverage to renegotiate the terms of your loan. Banks don’t like foreclosing on homes, and many will work with you if you aren’t too far behind. You may be offered forbearance, or even a full loan modification.

Ask for help from Uncle Sam. Over the last five years, the federal government has implemented a number of programs to help struggling homeowners. The Home Affordable Modification Program (HAMP) allows struggling homeowners to modify their loans, reducing monthly payments. The Home Affordable Refinance Program allows homeowners who are current on their mortgage payments refinance an adjustable rate mortgage into a low-interest, fixed rate loan. Both of these programs are subject to eligibility requirements.

We understand that the possibility of losing your home can be stressful. You aren’t alone. Citizens all over Greensboro are going through the same troubles. Foreclosure can have a lasting effect on your financial life, and it’s important to move quickly and take advantage of any options available. You could save both your credit rating and remain in your home.

We may be able to help you avoid foreclosure… connect with us today and lets discuss your situation. We don’t charge any fees… we’ll evaluate your situation… and present you your options so you can move forward and get this foreclosure behind you.

Give us a call anytime at 336-530-5204 or
fill out the form on this website today! >>

Get More Info On Options To Sell Your Home...

Selling a property in today's market can be confusing. Connect with us or submit your info below and we'll help guide you through your options.

The Most SIMPLE Way to Sell Your NC house!

WE BUY NC HOUSES in any condition. No Fees, Commissions, Closing Costs or Repairs needed. Get Your Free Market Analysis & Fair Cash Offer Today
  • This field is for validation purposes and should be left unchanged.

Leave a Reply

Your email address will not be published. Required fields are marked *