Foreclosure Filings in the U.S. Rose
The Thanksgiving season brings some bad news for some. Realty Biz News reports, “The number of foreclosure filings in the U.S. rose almost 20% compared to the previous month during October. How will you avoid foreclosure?”
“ATTOM Data Solutions, which said foreclosure filings include default notices, bank repossessions, and scheduled auctions and said the COVID-19 pandemic is the most likely factor behind the increase.”
“It’s a little surprising to see foreclosure activity increasing despite the various foreclosure moratoria that are in place,” said Rick Sharga, executive vice president of RealtyTrac.
“Some investors say they’re awaiting a glut of new foreclosures, with thousands of repossessed homes likely to be sold off cheap next year, once the moratoriums end.”
How to Avoid Omaha Foreclosure
Find out from your lender if there is a foreclosure moratorium in place, and when is the end date.
Contact your lender and level with them. Your banker does not want to own your house. When you come clean about your financial situation, he may be able to modify the loan, offer forbearance, or give you re-payment options.
- Loan modification could include reducing the interest rate, conversion from a variable interest rate to a fixed interest rate, or extending the loan’s length. A loan modification agreement is a permanent solution to unaffordable monthly payments.
- A forbearance agreement provides short-term relief for borrowers. With a forbearance agreement, the lender agrees to reduce or suspend mortgage payments for a certain period and not to initiate a foreclosure during the forbearance period.
- Re-Payment options could include a plan to repay missed payments in addition to making monthly payments, especially if there is a temporary hardship
Foreclosure Filings in the U.S. Rose
You are in default if you miss a few mortgage payments. Your mortgage servicer will probably send a letter or two reminding you to get caught up, as well as call you to try to collect the payments. Avoiding Omaha foreclosure means don’t ignore the letters. When the lender issues a notice of default, you will have not less than 30 days to cure the default. You can fix the default by bringing the loan current with the lender and paying the late fees. Because Missouri is a non-judicial state, there are very stringent notice requirements.
The primary method of foreclosure in Missouri involves what is known as non-judicial foreclosure. This type of foreclosure does not affect court action but requires notice. When you buy a house, you sign a deed of trust. It will usually contain a provision called a power of sale clause, which upon default allows a trustee to sell the property to satisfy the underlying defaulted loan. The trustee acts as a representative of the lender to initiate the sale or auction. Because this is a non-judicial remedy, there are very stringent notice requirements, and legal documents are required to contain the power of sale language to use this type of foreclosure method.
Contact a credit counselor The objective of most credit counseling is to help the creditor avoid bankruptcy and provide primary education on financial management. Many counseling services also negotiate with creditors on behalf of the borrower to reduce interest rates and late fees.
Contact a bankruptcy attorney. That sounds contradictory to taking responsibility, but you need to know your options to make informed decisions.
Contact a professional real estate investor You may want to sell your home fast to get out of the problem or save your credit rating. Styl Properties, Inc. is here to help homeowners out of any stressful situation. As investors, we can help homeowners out of just about any financial problem, no matter what! There are no fees, up-front costs, commissions, or anything else. We offer the simple truth about your home and how we can help you sell it fast to resolve any situation.
In summary, foreclosure filings in the U.S. rose. How to avoid Omaha foreclosure involves your ability to recognize approaching trouble, contact your lender, and seek professional help.
Styl Properties, Inc. is here to help homeowners out of any distressed situation.
As investors, we are in business to make a modest profit on any deal. However, we can help homeowners out of just about any situation, no matter what! There are no fees, upfront costs, commissions, or anything else. We offer the simple truth about your home and how we can help you sell it fast.
Give us a ring. We would love to help you understand the process and to answer all of your questions. You can reach us at 402 999.0577.