People across the world hit up financial institutions and other financial service providers to get help with purchasing homes. They do this because the majority of U.S. households simply don’t have enough money to gobble up a home outright with cash. Rather, they often take on well over $100,000 in debt, which they must pay off, typically over 30 years, on a month-by-month basis in regular, equal installments. If you miss even two timely payments, your house could be repossessed by the lender as part of the process. Keep reading to learn three ways to avoid foreclosure in Oklahoma.
Consider Loss Mitigation
With respect to the mortgage lending industry, loss mitigation refers to the steps mortgage holders can take to avoid foreclosure in Oklahoma. Although these steps are never the same for every debtor who is in a poor financial situation, they all have the central goal of helping debtors pay their mortgages back in full, even if that means they pay much less per month than they were once expected to. To avoid foreclosure, be up-front with your lender and ask about loss mitigation.
Consider a Secured Loan
Most people borrow money from financial institutions. Others seek out loans from individuals or companies, in the form of hard money, secured by your home or other real property. The interest rates are high and the fees are through the roof, but taking out a hard-money loan to give you breathing room is a great idea if you’re pressed for money to make your mortgage payment on time.
Talk to a Housing Counselor
The United States Department of Housing and Urban Development employs housing counselors to help people in poor financial condition sort through their issues and better deal with housing debt. Seek free advice from one of these counselors if you’re in a tough spot.
Sell Your House to a Homebuyer
If holding onto your home proves to be too much of a hardship, look into selling the property as is to a house-buying company that pays cash. You won’t need to make repairs, and you may be able to close the deal in as little as a week after accepting an offer.
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