How to Avoid Foreclosure in Maine

While the housing market is going strong, many people in Portland] are still struggling to make their mortgage payments. Rapidly increasing home prices have certainly impacted some homeowners positively however, some have run into difficulties keeping up with payments and higher interest rates haven’t helped.

If you’re underwater on your home, or having trouble staying up to date with your monthly mortgage payments, you could be fearful that your mortgage provider is going to foreclose.

Thankfully, there are a number of things that you can do to avoid foreclosure in Portland. It’s important to remember that moving quickly is extremely important, and could save your credit rating and your home.

So lets dive in on a couple quick tips on possibly how to avoid foreclosure in Portland with your home.

The Keys of How To Avoid Foreclosure in Portland Don’t Abandon Ship

Many people simply give up and walk away from their home. There are even areas of Maine that have begun to resemble ghost towns as the economy has significantly impacted residents.

Detroit is a prime example of what can happen when people abandon their homes.

Because this can be stressful, it’s extremely important to keep your wits about you and remain strategic. A foreclosure will have a massive negative impact on your credit score and likely prevent you from purchasing a home for years to come. If you sell your home, you could leave a portion of the loan unpaid, and the lender could pursue legal action against you for the unpaid portion.

While it’s extremely stressful, you do have options:

• Negotiate with your mortgage lender. Banks and other financial institutions are well aware that citizens of Maine are struggling. If you haven’t missed a payment yet, you may have some leverage to renegotiate the terms of your loan. Banks don’t like foreclosing on homes, and many will work with you if you aren’t too far behind. You may be offered forbearance or even a full loan modification.

• Ask for help from Uncle Sam. Over the last five years, the federal government has implemented a number of programs to help struggling homeowners. The Home Affordable Modification Program (HAMP) allows struggling homeowners to modify their loans, reducing monthly payments. The Home Affordable Refinance Program allows homeowners who are current on their mortgage payments refinance an adjustable rate mortgage into a low-interest, fixed rate loan. Both of these programs are subject to eligibility requirements.

We understand that the possibility of losing your home can be stressful. You aren’t alone. Citizens all over Portland are going through the same troubles. Foreclosure can have a lasting effect on your financial life, and it’s important to move quickly and take advantage of any options available. You could save both your credit rating and remain in your home.

Selling your home to a cash home buyer in Maine may be an option for a fast transaction that can put money in your pocket and protect your credit score. We may be able to help you avoid foreclosure… connect with us today and lets discuss your situation. We don’t charge any fees… we’ll evaluate your situation… and present you your options so you can move forward and get this foreclosure behind you.

Give us a call anytime at 207-200-1847 or