Sometimes, even if you think you are religiously paying all your bills and dues, there’s just always something that looms in the horizon, threatening to put you down. There are times when you think you have worked hard enough to provide bread on the table. But then again, at the end of the day, your hard work isn’t enough to cover your family’s needs. One of these things is the stress brought about by mortgage debt. Where there are unpaid mortgage debts, there are possibilities of foreclosures. But you’d be happy to know that you can do something about this particularly stressful problem. There are alternatives and solutions that you can take in order to counteract and fix foreclosure Washington DC area property.
You can first execute a short sale process. This one is the easiest measure that you can resort to in order for you to reach an agreeable settlement with debt collectors for mortgage. Through short sale, you can sell the house to the market wherein the proceeds of the sale is less than the amount of money that you owe. This can halt foreclosing of your property and it will also make room for the bank to collect the principal or the outstanding balance of the money that you have borrowed.
You can also resort to refinancing if short sale doesn’t work for your case. Refinancing your home will give you a chance to restructure or revamp your payment plan, so that you can manage debt payment more efficiently. Most of the time, refinancing of loans promises lower interest rates plus you can also consolidate other debts to this particular loan.
But you should also watch out when you resort to refinancing. Because even if it’s a good alternative to prevent foreclosures, you may still risk accumulating added fees to your loan. There are so-called closing fees which accompany this alternative. Then there are transactions fees that you need to think about as well. Perhaps the very best you can do is to summarize all of the fees that may be incurred in your payment plan so you won’t be caught in a bankrupt surprise.
Then there’s loan modification. This is defined as modifying the very terms of your mortgage. But remember that modifying terms can make a significant impact on your total payment, the terms and conditions of the payment, and other factors that has something to do with mortgages. There are so many steps that you can take in order to slow down or even avoid foreclosure of your property in Washington DC. You just have to consult the experts on what you’re supposed to do, do your homework, and don’t forget to ask questions.
Find out how you can avoid the potholes of foreclosure in Washington DC and how you can get legal services for your particular case.
