Help For Foreclosure In Sacramento – 3 Ways To Avoid Foreclosure

If you’re a homeowner in Sacramento, you may be all too familiar with the foreclosure process. While the housing market has recovered somewhat since the Great Recession of 2008, there are still many homeowners who are struggling to make ends meet. If you’re one of them, you may be wondering what your options are.

Option 1: Mortgage Modification

One option that may be available to you is a mortgage modification. This is when your lender agrees to modify the terms of your loan in order to make it more affordable for you. This could mean a lower interest rate, a longer repayment period, or a combination of both. Mortgage modifications are usually only available to borrowers who can prove that they have experienced a financial hardship, such as a job loss or medical emergency.

Option 2: Refinance

Another option that may be available to you is refinancing. This is when you take out a new loan with more favorable terms in order to replace your current loan. The new loan could have a lower interest rate, a shorter repayment period, or both. Refinancing is usually only an option for borrowers who have good credit and equity in their home.

Option 3: Sell Your Home

If neither of the above options are available to you or if they’re not feasible, your last resort may be to sell your home. This could mean selling it through a real estate agent or listing it as a short sale. Short sales can be difficult to get approved, so make sure you consult with a real estate professional beforehand. Keep in mind that if you do sell your home, you will likely end up owing money to your lender after the sale is finalized.

Conclusion: 

If you’re facing foreclosure in Sacramento, know that you’re not alone. There are many homeowners in the same boat as you. The good news is that there are options available to help you avoid foreclosure and keep your home. These options include mortgage modification, refinancing, and selling your home. Talk to your lender and/or a real estate professional to find out which option is right for you and your situation.