Preventing Foreclosure In Oregon
Sometimes in life, financial challenges can make you get behind on your home payments. This may put your home at risk of being foreclosed on; something that no homeowner wants to hear. Fortunately, the sooner you act, the higher the chances of preventing waking up to that dreaded foreclosure notice. There are a number of things that can be done to remedy the situation by talking to a lender as soon as you realize there might be a problem. Some of the alternatives available to you in preventing foreclosure in Oregon include the following.
Mortgage loan modification
In mortgage modification, the lender adjusts for you the loan so that it becomes more manageable in light of your financial situation. The payments become more affordable and this can be done using various methods. One way is to reduce the rate of interest or change it from a floating to a fixed rate. Alternatively, the loan term can also be lengthened. Usually, lenders will look at your monthly income to calculate the appropriate percentage for the mortgage payment. This is something a lender would do not only help you but also them. Remember that a foreclosure doesn’t benefit them in any way and they can’t start looking for a buyer for your foreclosed home since they aren’t in the real estate business.
Another option of preventing foreclosure in Oregon is to offer your home as a short sale. This will also require approval from your respective lender. Basically, the homeowner advertises his property which is about to be foreclosed on. An interested party makes an offer and the lender has to give the green light for sale. The good thing is that your lender has all the incentive to approve the short sale. Foreclosing on your home may mean the property sitting in the market for months without attracting any potential buyer. Meanwhile, approving a short sale ensures that they are getting money for the property.
Forbearance is another choice available to you if you have just defaulted on a payment or two and desperately searching for foreclosure relief. The lender has the prerogative to offer you a certain amount of time in which you’ll have to make up for the missed payments. This will especially be helpful if you are in between jobs and won’t be getting a paycheck for a couple of months. The grace period provided by the lender gives you ample time to sort out your unemployment situation and get back on track as far as home payments are concerned.
Debt forgiveness is not something that happens every day, but it is a relief option that has occasionally been pursued in stopping foreclosure. If you are behind on just one payment or maybe two, the lender may be willing to pardon you for the missed payments if you agree to resume making payments and stay up to date.
The above are ways that will keep your property from getting foreclosed on when you are experiencing financial glitches. However, you’ll have to contact your lender in advance, and together work out a suitable way of preventing foreclosure in Oregon. At West Coast Property Group we have many services available to you as the home owner.