How to Avoid Foreclosure in Wichita

Many homeowners in Wichita continue to struggle to make their mortgage payments even though the housing market is rebounding.

If you’re having trouble staying current on your monthly mortgage payments, or are underwater on your home, you may be afraid of going into a house foreclosure.

Fortunately, you have several options to avoid foreclosure in Wichita. However, moving quickly is imperative in order to save your home and your credit rating.

Let’s explore your options, with a few tips, on how to avoid foreclosure in Wichita with your home.

Don’t Abandon Ship: How to Avoid Foreclosure in Wichita

Some homeowners give up and abandon their home, and some areas of Wichita have begun to seem like ghost towns due to significant impacts in the economy. A prime example of what can happen when homes are abandoned: Detroit.

It is important to hold it together if you find yourself in such a stressful situation. Home foreclosure has a significant impact on your credit that prevents you from buying a home for several years. If you sell your home and a portion of the loan is left unpaid, lenders may pursue legal action for the remaining balance.

Your Options During a Stressful Situation

  • Negotiate with your mortgage lender. Financial institutions and banks are aware of struggling citizens in Wichita. You may have the option to renegotiate the terms of your mortgage if you have not missed a payment. Many banks will work with you even if you aren’t too far behind because they don’t like foreclosing on homes. You may also be eligible for a full loan modification, or even a forbearance.
  • Ask Uncle Same for Help. The federal government has implemented a number of programs to help struggling homeowners over the past five years. The Home Affordable Modification Program (HAMP) offers struggling homeowners modification to their loans that reduce monthly payments. The Home Affordable Refinance Program changes an adjustable rate mortgage into a low-interest, fixed rate loan for homeowners who are current on their mortgage payments. Both of these programs are subject to eligibility requirements.

We understand that it can be very stressful when faced with possibly losing your home. Many people in Wichita are experiencing the same difficulties. It is important to move fast and take advantage of all your available options because foreclosure has a lasting effect on your financial life. You could save your credit rating while remaining in your home though.

Connect with us today and discuss your situation – we may be able to help you avoid foreclosure. We evaluation your current situation and provide options so you can move forward and put a potential foreclosure behind you…and you will not be charged any fees.

Give us a call anytime at (316) 413-8314 or
complete the form on this website today! >>

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