There are many situations that can lead to a homeowner having their home go through the foreclosure process. The death of a spouse can leave someone struggling to stay afloat financially. The primary breadwinner of the home could lose their job, which would put a big financial burden on the family. An unexpected expense or medical emergency can take money away from being able to pay the mortgage. Luckily, there are some ways that you can try to avoid foreclosure Knoxville.
If you make an appointment with the lender that is in charge of your current mortgage, they may be able to help you restructure your mortgage in a way that will be more affordable for you to keep up with. You may be offered a longer term, or a new interest rate will make your payment less than what you have been used to. Sometimes, your bank may attempt to change your lender to a different company.
You can also choose to sell your home. You can try to list with a real estate agent that is knowledgeable with foreclosures. There are also people that will purchase distressed properties. Unwanted homes can be offloaded due to probate, pre-foreclosure, inherited property, etc. This is a very quick way to avoid foreclosure Knoxville. The benefit with this process is, you won’t have to worry about paying a fee to the realtor that you’re working with. The process is much more affordable and it is a fast way to avoid ruining your credit.
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