Moratorium Ending - Pending Foreclosure - 4 Tips - Best REI

Pending foreclosures wills steal your peace. Hopefully, you’ve survived this pandemic with both your health and home safely secure. But, this is not going to be true for everyone. Sadly, the Pending Foreclosuremoratorium on evictions sounded like a good idea initially, but many homeowners didn’t realize that they would be expected to catch up those missed payments. And missed payments often leads to pending foreclosures. If that’s you, here’s some great tips if you find yourself in this situation.

Tip #1: Communicate with Your Lender

The truth is this – your lender does not want your house. They just want the loan paid back. When you communicate your needs with them, they’re willing to work with you to find a way to avoid pending foreclosures. Loan modifications are creative ways to resolve the issue. Your willingness to be open and honest with them, plus a past record of good payments, creates the good will with lenders, where they believe your intention to pay off the loan over time.

Tip #2: Cut Expenses & Increase Income

While this is common sense advice, when times get tough, we tend to get sloppy with our money. Shopping is one way some people deal with their anxieties, while others just don’t realize that every dollar they spend adds up. Get with a financial planner who can help you set up a budget to live within and get your payments caught up more quickly. While none of us wants to work a second or third job, it’s important to realize all the income from those jobs can be used to pay your mortage!

Tip #3: Consult with a Bankruptcy Attorney

This is not a good option, but it’s a legal option to eliminate debt while hanging on to your home. Only a bankruptcy attorney can advise you about your personal situation. A bankruptcy can relieve your immediate pain and pending foreclosures, but it will be on your credit record for seven years, so this should be a last ditch effort to keep your home in your family during this difficult season.

need to sell fastTip #4: Sell Your Home

Selling your home will hopefully allow you to pay off your mortgage in full, which resolves any issue with foreclosure. If your home in in a good condition for the market, or you have loads of equity in the home, just call a Realtor, like Judy Best, eXp Realty and the Best Team of Realtors. Judy and her Team will help you figure the right price for your home’s condition to sell fast at this time.

If your home needs some repairs, the question is … do you have the time and money to complete those repairs before selling? If so, call Judy. Otherwise, your other option is to visit with an investor, like Best Real Estate Investments, who offer several options of prices to buy your home. The cool thing about this option is it provides choices. Best REI likes to give you lots of choices, so you can pick the option that works best for your situation.

If you just need some relief from lender calls and fear of foreclosure, these tips will guide you to a solution to restore the peace and joy in your home. Blessings … we always pray for everyone who reaches out to us. Give us a call at 501-263-9900! Help is just one call away.