If you are a homeowner who needs to stop Arkansas home foreclosure proceedings, you are not alone. There are several ways you can save your home or exit your mortgage.
While the economy has shown some signs of improvement, not everyone was left unscathed by the economic decline of the past few years. If you are a homeowner who needs to stop Arkansas home foreclosure proceedings, you are not alone. According to the Mortgage Bankers Association, 250,000 homes go into foreclosure each quarter. Those statistics are disheartening, but even more worrisome is a Roper poll conducted by Freddie Mac showing that three out of five homeowners are unaware of the services that they might be able to obtain to avoid foreclosure. You have ways to save your home.
Do you owe more than your home is worth? Find out here.
The good news is that your lender does not want to foreclose on your home and wants to you to ask them to "stop my Arkansas home foreclosure." Your lender stands to lose as much as 60 cents on every dollar when it is forced to foreclose. Thus, most lenders are willing to work with you on a solution to keep you in your home. Some options to explore when looking for Arkansas home foreclosure stoppage include:
Forbearance – Your lender may give you months of forbearance while you get your finances in order. During this time, it will hold off on legal action and work on a repayment that you can afford. You may also qualify for forbearance through the federal Making Home Affordable (MHA) Program if you are unemployed.
A repayment plan – Your lender may allow you to pay the missed payments over a period of time so you can also help you get back on track. For instance, if you are behind by $5,000, then your lender might agree to allow you to repay $250 extra per month for 10 months, plus interest, until your loan is current.
Loan modification – If your mortgage is eligible, your lender may change the terms of the loan, lower the interest rate or reduce the principal.
Refinance – If you meet the eligibility requirements, your lender might allow you to refinance. However, you must have sufficient equity in your home and meet the guidelines required to qualify. If you don’t qualify for refinancing through your lender or other traditional lenders, you may apply for the Home Affordable Refinancing Program (HARP), which is a MHA program.
If you are struggling to make your mortgage payments, you have many ways to stop Arkansas home foreclosure. Reply! can help you find lenders who can refinance your home and make your payments more affordable.