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Avoid House Repossession With These 5 Actions


Most people never purchase a house intending to lose it to foreclosure. Sadly, several situations can lead to this being the reality, such as job loss, accidents, and a change of life situation.  When you find yourself behind in mortgage payments, it can seem like your only option is to let your lender take your home, resulting in homelessness. However, you might have more options than you think, including some of these below.

Loan Modification

If you visit a loan modification lawyer in Fort Lauderdale, you can learn all about loan modification options to help you retain ownership of your property. Loan modification describes being able to modify the terms of your mortgage outside those you originally agreed to, such as the interest rate or payment term. Loan modification lawyers can help you retain ownership of your property in a number of ways, such as: 

  • Principal reduction
  • Extended loan terms
  • Lower interest rates
  • Changing rates from adjustable to fixed
  • Payment postponement 

Overpay While You Can

If you’ve ever worried about your financial situation worsening to where you’re unable to manage your monthly mortgage repayments, consider overpaying. While you’re in a position to do so, you can pay more than the minimum amount and retain a buffer that can become a welcome relief if you ever become financially unstable. This strategy is one that many people use to pay off their mortgage sooner, but it might also be how you stop your bank or lender from taking your home for non-payment. 

Take In Boarders

If you have spare rooms in your home and have been struggling to manage your mortgage repayments, consider renting out a room to someone who needs an affordable roof over their head. That small amount of extra income paid weekly or fortnightly might be all it takes to keep your mortgage payments up to date while avoiding relying on payday loans and other expensive lending options. 

Rely on the Government

Most people experience financial struggles from time to time, and it’s easy to feel ashamed and embarrassed for being in significant debt. However, rather than let your situation worsen to the point where house repossession is a genuine reality, consider reaching out for help. 

You might be eligible for food stamps, Temporary Assistance for Needy Families (TANF), and other benefit programs that help you get back on your feet. When you can rely on the government for temporary help, you might have enough money to handle your mortgage repayments and still afford the necessities of life. 

Talk to Your Mortgage Provider

It might be tempting to ignore your mortgage provider when you owe them money, but honesty is often the best policy. By being upfront about your financial situation, debt, and the reasons for it, you might have access to flexible repayment options you didn’t know existed. However, if you don’t have any luck with your mortgage provider, you can always contact a loan modification lawyer to negotiate on your behalf. 

House repossession affects many people, but you might have more options for avoiding it than you think. Now might be the right time to take some of these actions above and put yourself in a strong position to keep your home.  

So, what do you think ?