A foreclosure can be a stressful and overwhelming process. To help navigate through it all, it’s important to get a professional foreclosure consultation. With this advice, you can protect your home and secure your financial future, here are five reasons why getting a foreclosure consultation is the right move for you.
1: Avoid Fees and Penalties.
A foreclosure consultation, you can learn exactly which fees and penalties you may be liable for. Depending on the specifics of your case, you may be required to pay certain amounts. By getting help early on, you can take proactive measures to ensure that these are kept as low as possible. Your consultant will also help identify potential sources of relief available to you so that you don’t have to foot the entire bill.
2: Negotiate a Deed in Place of Foreclosure.
A deed in place of foreclosure is a way for a homeowner to consent to have their home sold by the lender instead of going through foreclosure. During a consultation, your consultant can discuss the option with you and provide insight into how this may impact you financially. They’ll assess if you are eligible and help negotiate reasonable terms with your lender as well as other potential options that may be available to you.
3: Lower Your Monthly Payment.
A foreclosure consultation, you may be able to negotiate with your lender to reduce the amount of your monthly payment. This can help you avoid falling behind on your payments and allow for more manageable repayments of money owed to save your home from foreclosure. Your consultant will have knowledge about options that could potentially lower or even interest rates as well as assist in finding grants or lenders that these types of deals.
4: Redefine Your Loan Terms or Reduce Your Interest Rate.
foreclosure consultation, it’s possible to renegotiate the terms of your loan. Your consultant will help you explore options that could save you money and avoid foreclosure. These may include changes to your interest rate or repayment plan, so it pays to consult a professional. A foreclosure consultation can also help redirect funds to other unpaid loans leading up to the time of foreclosure. This can prevent future defaults and better protect your credit rating.
5: Preserve Your Credit Score/Report.
A foreclosure can damage your credit report and score. By working with a qualified foreclosure consultant, it’s possible to reduce the potential damages to your credit history. A foreclosure consultation may be able to prevent any major damage from being done if your loan is renegotiated before foreclosure proceedings. This will help you preserve the trustworthiness of your rating for future financial opportunities.
