Foreclosure is beginning to see an uptick. This is due to forbearance plans ending. Many home owners now face having to repay the full amount of deferred payments or adding the amount of suspended payments onto the monthly payment. There could be a trend in the following three months back to normal levels as the forbearances that were filed during the pandemic get resolved.
To avoid foreclosure in the meantime, consider the following solutions:
Modify the loan payments by asking your current loan servicer to see if you are eligible for reduced payments (perhaps extending the terms of the loan). By using a loan modification under the current rules, servicers must work with the borrower by helping them back on track with payments. It’s best to communicate with your servicer to discuss options.
Selling your home can also take the foreclosure pressure out of table as the housing inventories are still low across the country. It is highly likely that selling your property will net homeowners with a good profit.
Refinancing the current loan as the interest rates is still very favorable. By refinancing to a lower interest rate, it may become a more viable option to pay off the loan. Contact me today to find out all the options.