There are few things that compare to the excitement of purchasing or building a new home. The anticipation of thinking of your family spending time and living in your own space is really special. Not to mention, the financial aspects of recouping your investment and building equity is always a plus. That’s why it’s so hard when a person or family is facing foreclosure of their home.
For those that are unfamiliar with the foreclosure process, it’s when a person has fallen so far behind on their mortgage payments that the lender is seeking to repossess the property. There can be so many reasons that could cause a homeowner to fall behind on their financial obligations. Oftentimes, a big event, something that impacts a person or a family on a large scale can have this kind of negative impact. By law, the homeowner needs to be notified of their pre-foreclosure or foreclosure status by the lender at timely intervals.
If you are in a pre-foreclosure position, it’s often possible to reconfigure the situation you find yourself in. There are ways to alter the burden on the homeowner, such as with a mortgage modification. These modifications can be temporary or more long-term and can ensure that the mortgage payment is manageable during a financial hardship. This way, the lender gets paid and the homeowner can keep their home.
While this is just one way to approach a pre-foreclosure situation, it is an attractive option for many homeowners facing foreclosure. Many will do whatever it takes to keep their home. If that means renegotiating a temporary mortgage modification, it is well worth it for many if it allows them to save their home.