Older Americans look forward to their retirement where they finally get to spend quality time with friends and family. Sadly, a majority of them may have to keep working because they still haven’t saved enough for retirement. Some are being pushed towards foreclosure thanks to reverse mortgages that aren’t as lucrative as they were earlier. If you are a senior citizen and facing foreclosure, here’s what you can do:
The first instinct may be to panic, but don’t give in. Instead take action immediately by contacting your lender to find out what assistance programs are available, and what could be the best course of action.
A government-approved counselor can help you to plan your monthly budget, enabling you to continue making the mortgage payments.
Speak to a local foreclosure assistance team:
Several associations are offering legal assistance to people who could be facing an unfair subprime mortgage situation. These associations help people fight foreclosure. However, several conmen are masquerading as authorized individuals. They often guarantee to stop mortgage proceedings or promise to get your loan modified. Beware of people who promise things; HUD-approved agencies do not promise a solution; rather, they often promise to try their best.
Refinance your Loan:
One way to avoid foreclosure is to refinance your loan and buy yourself more time to wait for the housing market to rebound.
Sale of Home:
If all other options are exhausted, and foreclosure seems inevitable, consider selling your house to a real estate investor. If there is no other way to keep your home through a loan modification or refinance, call Southern Nevada Home Buyers. We buy homes in Las Vegas and even buy foreclosed houses that are for sale in Las Vegas. Call us 702-602-6733 for more information…
Foreclosures do not happen over time. With the right decision at the right time, you can avoid a foreclosure and save your home.