How to Avoid Foreclosure in Idaho

Even though the housing market is strong, many people in Idaho are still struggling to make their mortgage payments.

If you’re under water 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 Idaho. 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 Idaho with your home.

Rule #1 To Avoid Foreclosure in Idaho: Don’t Abandon Ship

Many people simply give up and walk away from their home. A lot of stress, embarrassment, and harassment come with foreclosure and it can be tempting to just turn around and walk away. Often, homeowners hope that the bank will just forget about the whole thing, as well as their friends, family and neighbors. Don’t fall into this trap!

Foreclosure is a tough situation, but it’s extremely important to keep your wits about you. A foreclosure will have a huge negative impact on your credit score, and likely prevent you from purchasing a home for years to come. 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.

You Have Options:

Negotiate With Your Mortgage Lender. Banks and other financial institutions are well aware that citizens of Idaho 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 a loan modification or even be able to qualify for a refinance.

Seek Forbearance. Although the CARES Act Mortgage Forbearance is set to expire in June, you may still have time to qualify. If you do qualify, make sure you understand how the delayed mortgage payments will be paid back. We speak regularly to homeowners who are surprised to learn that their lender is requiring all or some of their back payments to be paid in full to reinstate the loan, which just sets you up for problems further down the line.

Sell To A Cash Buyer. When you’re running out of time before the bank forecloses on your home, listing your home the traditional way isn’t always a good option. It often takes months to get a home ready to put on the market, and then months more to find a buyer and for the buyer to close. That is, if they ever do close. But a professional home buyer like Brady Buys Houses can make you a quick cash offer with a guaranteed closing date that you choose so you can rest easy knowing that you won’t end up with a foreclosure on your credit.

We understand that the possibility of losing your home can be stressful. You aren’t alone. Homeowners all over Idaho 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 (208) 856-6826 or
fill out the form on this website today! >>

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