Is there a guaranteed way to stop a foreclosure?
Unfortunately, the only guaranteed way to never face foreclosure is to pay your mortgage on time. If you already missed some payments, though, and threats of foreclosure are looming, there might still be a few things you can do.
First, don’t ignore the problem. Make sure to contact your lender and explain your financial situation. You might be surprised that some lenders are quite understanding and might be willing to work on a payment scheme with you.
Unlocking your home’s equity is another solution. This can be helpful, especially if you’ve only missed a few months and you can get right back on track with your payments.
However, if you have bigger financial issues and paying your mortgage is no longer possible, you might want to just sell your home to a property-buying company like FavorHomeSolutions.com. We take over mortgage payments in Louisville so that you can get some of your home’s cash value and avoid foreclosure. Click here to learn more about our mortgage relief program.