What are your foreclosure prevention options?

Finding out that you face the threat of a foreclosure on your home can be a devastating experience. The primary reason behind most foreclosures is the failure to pay mortgage on time. There are a lot of other reasons that might cause this, but in 9 out of 10 cases, this is the cause.

foreclosure prevention options

At this time, there will be just one question running around across your mind i.e. “How to Stop Foreclosure Jacksonville, FL?” The answer is that while you don’t really have a plethora of options available, there are certain options that can help you genuinely avoid a foreclosure on your house.

Some of these options include:

Repayment Plan

This is the simplest and perhaps the most common method used  by people when they face a foreclosure. In order to avail this option, you’ll have to speak with your lender. You will have ask them to arrange a program that will allow you to make a monthly mortgage payment in addition to any amount that would need to be paid towards the arrears.

The amount of time you can get from these plans differ a great deal and depends primarily on what terms you and your lender agree upon. You’ll probably be required to pay a good amount of payment up front. This amount is mostly equal to one month’s mortgage payment.

Loan Modification

A modification is a written agreement that alters or changes the original terms of your original loan on the house. This can mean the interest rate, the payment amount, or even the unpaid principal balance. Opt for this option if it means a reduction in your monthly payment amount.

Forbearance

Forbearance is the best option to opt for if you cannot make any payments in the future. This option allows you to suspend or radically reduce the monthly payments for a specific period of time. At the end of this period, you’ll be required to cover the markup and either pay it lump sum or through a long term repayment plan. This option is the best one if you know you’ll have a stable payment source in the future.

If you’re in a financial bind and want to avoid a foreclosure in Jacksonville FL, on your home, then contact Jax Cash Buyers here. We have a reliable name in the industry, and rest assured you’ll get the best offers here compared to any other place in the market. So contact us now.

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