How to Avoid Foreclosure in Knoxville

stop foreclosure in knoxville

While the housing market is still buzzing through COVID, many people in Knoxville are still struggling to make their mortgage payments. If you’re underwater on your home, or having trouble keeping up with your monthly mortgage payments, you could be fearful that your mortgage provider is going to foreclose. Thankfully, there are a number of things that you can do to avoid foreclosure in Knoxville . It’s important to remember that moving quickly is absolutely paramount, and could save your credit rating and your home.

So lets dive in on a couple quick tips on possibly how to avoid foreclosure in Knoxville with your home.

The Keys of How To Avoid Foreclosure in Knoxville Don’t Give Up!

Many people simply give up and walk away from their home. This can be stressful situation, but it’s extremely important to keep your wits about you. A foreclosure will have a huge negative impact on your credit score, and likely prevent you from purchasing a home for years to come. If you sell your home, you could leave a portion of the loan unpaid, and the lender could pursue legal action against your for the unpaid portion.

While it’s extremely stressful, you do have options

Negotiate with your mortgage lender

Banks and other financial institutions are well aware that citizens of Knoxville  are struggling. If you haven’t missed a payment yet, you may have some leverage to renegotiate the terms of your loan. Banks don’t like foreclosing on homes, and many will work with you if you aren’t too far behind. You may be offered forbearance, or even a full loan modification.

Ask for help from Uncle Sam

Over the last five years, the federal government has implemented a number of programs to help struggling homeowners. The Home Affordable Modification Program (HAMP) allows struggling homeowners to modify their loans, reducing monthly payments. The Home Affordable Refinance Program allows homeowners who are current on their mortgage payments refinance an adjustable rate mortgage into a low-interest, fixed rate loan. Both of these programs are subject to eligibility requirements.

Ask for help from us

We’re always here to help our community through difficult times. Whether or not we do business together, we still want to help you during this difficult time. The pandemic was hard on all of us. Any advice that we can provide to help is another reason we love the business we are in. We want you to trust the people you reach out to, that’s why we encourage you to learn more about us.

We understand that the possibility of losing your home can be stressful. You aren’t alone. Citizens all over Knoxville are going through the same troubles. Foreclosure can have a lasting effect on your financial life, and it’s important to move quickly and take advantage of any options available. You could save both your credit rating and remain in your home.

We may be able to help you avoid foreclosure… connect with us today and lets discuss your situation. We are always free to talk, and we would never charge you fees. We can assist in presenting you your options so you can move forward and get this struggling time behind you. We want to help you!

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