Scottsdale Homeowners: What to Do If Facing Foreclosure

Scottsdale Homeowners: What to Do If Facing Foreclosure

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ForeclosureNo Scottsdale homeowners want to face a foreclosure. When Scottsdale homeowners are living paycheck to paycheck, it can be easy to get behind on bills. Not making mortgage payments is a red-flag to any lender and foreclosure is imminent.

If a Scottsdale homeowner is facing problems with financing, they need to start preparing and communicating with their lender.  

Start With Communication

Admitting to a lender that there are financial problems is a scary task. Scottsdale homeowners do not want to tell anyone that they are having trouble paying their bills. However, telling a lender that there are financial problems benefits the borrower. It lays the groundwork for dealing with the problem and avoiding foreclosure.

Tell the Lender Early

Most Scottsdale homeowners wait until they are months behind to contact their lender. At this point, it may be too late.

As soon as financial trouble is brewing, contact the lender. The sooner the problem is out in the open, the better chance the borrower has in finding a resolution. Even though modifying a loan is not ideal, it is better than foreclosing on the property.

Options After Missing Payments

Scottsdale homeowners who are already behind on mortgage payments have options. Even though missed payments make the situation more difficult, that does not mean foreclosure is inevitable. There are rules of restricting dual tracking that every Scottsdale homeowner should be aware of.

This helps a homeowner that is facing foreclosure while also trying to modify their loan. Both processes are being completed at the same time. A homeowner that is already facing foreclosure should still contact their lender to talk to them about changing the loan terms to be more affordable.

Programs that Help Scottsdale Homeowners

There are states that have programs made to help homeowners that are falling behind on their mortgage. These programs may help owners make payments on their mortgage or to negotiate terms with the lender. They can save someone from missing payments and ultimately keep them from losing their house.

Some Situations Will Not Qualify

Even with the many programs and options available, some Scottsdale homeowners may not qualify. Depending on the situation, the homeowner may be faced with a mortgage they can no longer afford. Always communicate with the lender and ask about what the options are. If they cannot do anything then it may be time to sell the property and break even.

Taking Action

The most important thing a homeowner can do is to take action early. No lender wants to work with a homeowner that has let their mortgage get months behind. The faster the borrower speaks with the lender, the better chances they have of striking a deal.

Speaking with a lender when finances are too tight will help a homeowner avoid falling behind on their mortgage. Financial hardships are tough for any family and losing a house could devastate their fragile financial situation. Talk with a lender and explore all the options. There are ways they can help if action is taken soon enough.

If you find yourself in a situation where you need to sell your Scottsdale home fast, our team can help. We specialize in working with distressed Scottsdale homeowners and want to work with you. In most cases, we can offer a cash purchase, cutting through the red tape and getting a deal done fast. Contact our team today to see what we can do for you.

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